Bayleys has confirmed the sale of a large industrial site on Tidal Rd in Mangere to Property For Industry Ltd, and its development & leasing.
Industrial properties in Mt Wellington & Wiri, and a retail unit in a mixed-use Howick development, have also been sold.
11-13 Westfield Place:
Features: 5612m² development site zoned light industry, short-term leaseback in place
Outcome: sold for $4.71 million
Agents: Sunil Bhana & James Hill
The Terraces, 10 Wellington St, unit 9:
Features: 152m² retail unit, 3 parking spaces in mixed-use development comprising 13 retail units, 34 apartments, leased to The Natural Health Co for 4 years from February 2019 plus 2 4-year rights of renewal, annual rent increases of 2% on non-renewal years
Rent: $54,300/year + gst
Outcome: sold for $975,000 at a 5.57% yield
Agent: Geoff Wyatt
72 Tidal Rd:
Features: new 15-lot subdivision adjacent to State Highway 20 to be developed by Aintree Group Ltd – 10,410m² warehousing, 2640m² breezeway canopies, 700m² offices, 43 parking spaces
Outcome: sold to NZX-listed Property for Industry Ltd for $34.176 million at a 5.35% yield; logistics provider Supply Chain Solutions (NZ) Ltd has taken a 12-year lease from completion, with 2.5%/year fixed rental growth; PFI expects the project to be completed in February 2021
Agent: Jamsheed Sidhwa
15 August 2019: PFI buys on Tidal Rd
18 Noel Burnside Rd:
Features: 9968m² site zoned light industry, 5030m² multi-bay warehouse plus offices, drive-round access, single-level premises, 6.75m stud height, leased to national bed manufacturer Slumberzone NZ Ltd for 4 years from September, plus 2-yearly rental increases of 2%
Rent: $627,000/year + gst
Outcome: sold for $10 million at a 6.27% yield
Agents: Tony Chaudhary, Amy Weng, Janak Darji, Scott Campbell & James Hill
Attribution: Agency release.