RECENT DEALS for October 3rd
Countdown Invercargill was one of the 19 supermarket properties sold.
Biggest supermarket sale
Colliers International’s capital markets team has sold the Antipodean Supermarkets Limited’s portfolio of 19 supermarket properties toStride Property Ltd, formerly DNZ Property Fund Limited (DNZ), for an aggregate purchase price of $287 million. Peter Herdson and Andrew Reed marketed the portfolio of large format properties leased to Progressive Enterprises and located from Auckland to Invercargill. Herdson says it’s the biggest portfolio offering of institutional grade supermarket properties in New Zealand and one of the largest in the Asia Pacific region which involved 10 of the agency’s Australasian offices in marketing and negotiations.
The portfolio has a combined net lettable area of 71,896 sq m and a passing income of around $18.7 million. Colliers also worked with the vendor and Progressive Enterprises to restructure the existing leases with the majority of premises subject to 20 year leases. This resulted in a portfolio weighted average lease term (WALT) of about1 8 years. The sale and purchase agreement is unconditional and settlement is expected to take place between October 28 and November 12.
Bay of Plenty office building
A two-level 1540 sq m office building on a 1012 sq m site at 87 First Avenue, Tauranga has sold for $4.7 million at a 6.97 per cent yield through Brendon and Lynn Bradley of Bayleys Tauranga. The building has been renovated and seismically strengthened to 100 per cent of New Building Standard for its new tenant, Bay of Plenty Regional Council.
Tauranga motel complex
A 22 unit motel complex on a unit titled site of 6000 sq m at 850 Cameron Rd, Tauranga was sold by Grant White, Rob Schoeser and Simon Clark of Colliers International for $3.666 million representing a yield of 6 per cent..
Mt Wellington business site
A 1.073 hectare Business 8 zoned site at 3 Pacific Rise, Mt Wellingtonhasbeensold for $3.5 million at $326 per sq m through James Hill, Mike Houlker and James Valintine of Bayleys Auckland.
Westgate development land
A 6247 sq m development site at Lot 17, 12 Northside Drive, Westgate has been sold for $3 million by Brad Visser and Sean Finnegan of Colliers International
East Tamaki retail complex
A 680 sq m modern retail complex with two 12 year leases from 2012 to a medical centre and pharmacy and with one unit vacant at 455 East Tamaki Rd, East Tamaki, has sold post auctionfor $2,250,000 through Matt Lee and James Chan of Bayleys Auckland and Tony Chaudhary of Bayleys South Auckland.
Bishop Dunn Botany
A 3081 sq m Business 5 zoned siteat 25 Bishop Dunn Place, Botanyhassold for $1,520,000 at $493 per sq m through Luke Carran and Jamsheed Sidhwa, Bayleys South Auckland..
Lake Rd North Shore building
A two level 1950s’ building on a 178 sq m site at 148 Lake Rd, Belmont, on Auckland’s North Shore, has sold for $810,000 at a 6.1 per cent yield through Michael Nees, Simon Aldridge and Brian Caldwell of Bayleys North Shore Commercial. Occupied by Jolly Punter Sports since 1995, with a 12 month demolition clause in the lease, it is licensed for 18 gaming/poker machines and has a TAB licence.
High St city retail unit
Retail unit 1C of 220 sq m at 55-57 High St in Auckland’s CBD off Durham Lane, has been sold for $800,000 by Jasmine Yao and Roger Seavill of Colliers International.