A private gallery across the street from the Auckland Art Gallery has been sold at a 5.4% yield by Colliers agents.
28-36 Wellesley St East, units B & C:
Features: 140m² ground-floor corner unit on the Khartoum Place-Kitchener St corner of the St James Apartments building, opposite the Auckland Art Gallery, occupied by Romer Gallery on 4-year triple net lease from November 2017, market reviews every 2 years
Rent: $68,000/year net + gst
Outcome: sold for $1.25 million at a 5.44% yield
Agents: Ned Gow, Adam White & David Burley
Attribution: Agency release.