A large Ponsonby landholding with 25 tenants has been sold by Colliers on a 4.45% yield and a Rosedale warehouse with further development potential alongside it has been sold on a 4% yield on holding income.
In Christchurch, the extensive landholding & 1970s buildings owned by the founder of Flexoplas Packing Ltd, Stan Redmond, was sold at auction on 4 July.
Mr Redmond died in 2013, aged 65, after a crash in the Teretonga Park, Invercargill, round of the Tasman Cup car racing series and Flexoplas Packaging was sold. The new owners are shifting their operations to East Christchurch in January, and Mr Redmond’s family decided to sell the Sydenham property.
Colliers agent Sam Staite said Sydenham had changed in the last 10 years as buildings were refurbished & repurposed into trade showrooms: “Although still a popular location for automotive services & supplies, due to its close proximity to the cbd gentrification is now widespread.”
284-292 & 294-306 Ponsonby Rd, 1-3 Cowan St:
Features: 3083m² site, 3 titles, net lettable area 2521m² in 3 buildings, 25 tenancies
Rent: combined net income about $1.25 million/year
Outcome: sold for $28.05 million, at a 4.45% yield
Agents: Kris Ongley, Charlie Oscroft, Gareth Fraser & Adam White
8 John Glenn Avenue:
Features: 4442m² site, 1766m² building – 1269m² warehouse, 217m² office, developed by Kea Property Group Ltd, 1265m² of land still available for development; warehouse 10-11m stud, hard stand, canopy, 20 parking spaces
Rent: $270,000/year net from short-term tenant
Outcome: sold to an owner-occupier for $6.7 million, at a yield on holding income of 4.03%
Agents: Matt Prentice & Shoneet Chand
Christchurch – Sydenham:
105, 107-109 Wordsworth St, 2, 6-8 Kingsley St and Hawdon St:
Features: 4835m² fronting 3 streets, total floor area 3728m², 7 freehold titles, 4 unit titles, frontages of 57m to Wordsworth St, 98m to Hawdon St, 37m to Kingsley St
Rent: $374,863/year net + gst
Outcome: sold at auction on 4 July on an “as is, where is” basis for $2.615 million
Agent: Sam Staite
Attribution: Agency release, marketing documents.