Bayleys agents have completed 5 industrial sales around the east of the Auckland isthmus and in Mangere, ahead of today’s second Total Property auction for the year. I’ll have the auction results tomorrow.
The sales included one of the properties Augusta Capital Ltd has bought to seed its new industrial property fund.
1066 Great South Rd, unit T:
Features: 93m² industrial unit
Outcome: sold with vacant possession for $315,000 at $3387/m² land & building
Agent: Ben Wallace
20 Paisley Place:
Features: 1.363ha site, 7877m² industrial building; Americold NZ Ltd has a lease expiring 30 November 2019, and primary producer logistics company Icepak Ltd, a subsidiary of Halls Group, is to lease the property for 12 years from 1 December 2019
Outcome: sold to Augusta Industrial Fund for $25,384,615 at a 6.5% yield
Agents: Chris Bayley & Mike Houlker
35 Atkinson Avenue:
Features: 1095m² site, recently refurbished 520m² industrial building, fully occupied by 4 tenants, anchored by new 10-year lease
Outcome: sold for $1.63 million at a 6.13% yield
Agents: Scott Kirk, James Were & Tony Chaudhary
67H Elizabeth Knox Place:
Features: 300m² industrial unit – warehouse 160m², office 140m²
Outcome: sold for $1,195,000 with vacant possession at $3983/m² land & building
Agents: Greg Hall & Chris Bayley
4 Waokauri Place:
Features: 3733m² site, steel manufacturing plant comprising 2112m² of warehouse & 220m² of offices; longstanding owner-occupier Formsteel Technologies Ltd has leased back for 6 years with 2 3-year rights of renewal
Outcome: sold for $4 million at a 6.35% yield
Agents: Dave Stanley & Jamsheed Sidhwa
Attribution: Agency release.