A warehouse with airconditioned offices in the Interplex business park, Rosedale, was sold under the hammer at a Colliers North Shore today.
The buyers have property at Hobsonville, where yields have been around 4.5%, and figured Rosedale was a better address. Assuming a similar yield on the estimated new rent, the value has to rise.
Interplex business park, 19C Triton Drive:
Features: 473m² industrial unit developed in 2006 by Matvin Group Ltd – 273m² warehouse, ground & first-floor airconditioned office & amenities 200m², 8 covered parking spaces
Rent: long-term tenant, Crossfit Gym, now on monthly tenancy; last rent was $64,440/year + gst; estimated market rent $87,836/year + gst
Outcome: sold under the hammer for $1.475 million; 4.37% yield on previous lease, 5.95% on new lease estimate
Agents: Mike Ryan & Jimmy O’Brien