Archive | South of Bombays

7 commercial sales around North Island

Bayleys agents have sold 7 commercial properties around the North Island – in Levin, Napier, New Plymouth, Petone & Upper Hutt.

South of the Bombays

Hawke’s Bay

Napier

56 Corunna Bay:
Features: 669m² site zoned suburban industrial, 290m² live/work premises comprising 100m² workshop & office, street frontage, 3-bedroom residence at rear
Outcome: sold vacant for $590,000
Agents: Sam MacDonald & Jack Lee

36 Faraday St:
Features: 1.4518ha development site on Napier Hill with industrial/commercial usage rights; McWilliams Winery manufacturing site for many years, about 7000mof mostly large industrial sheds, some leased & some empty
Outcome: sold for $646,000 to an existing tenant intending to develop the site
Agent: Gary Wise

Horowhenua

Levin

6 Liverpool St:
Features: 1264m² site, 609m² purpose-built community corrections facility, seismic assessment 100% of new building standard, 11 parking spaces, new 12-year lease to Department of Corrections
Rent: $168,805/year net + gst
Outcome: sold for $2.617 million at a 6.45% yield
Agents: Fraser Press, Stephen Lange & Bede Blatchford

Taranaki

New Plymouth

4 Egmont St, units 6-9:
Features: 2025m² fitness centre in u-shaped cbd retail complex with large central carpark; occupied by City Fitness since 2007 with substantial tenant investment in fitout
Rent: $339,318/year net + gst
Outcome: sold for $3.8 million at an 8.93% yield
Agents: Mike Houlker, Sunil Bhana, Iain Taylor & Alan Johnston

Bell Block

153 & 157 De Havilland Drive, 6-8, 7, 9 & 10 Dakota Place:
Features: 1.7595ha of industrial land in 7 titles, variety of mostly warehouse/workshop buildings
Outcome: sold with vacant possession for $1.575 million
Agents: Iain Taylor & Alan Johnston

Wellington

Petone

20-24 Hautonga St:
Features: 6070m² site, 3000m² high stud warehouse with drivethrough access & dual frontage; fully fenced 2025m² yard
Outcome: sold with vacant possession for $3.915 million
Agent: Richard Faisandier

Upper Hutt

5 Thomas Neal Crescent, lot 32:
Features: 1380m² of industrial land
Outcome: sold for $300,000 at $217/m2
Agents: Christian Taylor & Ethan Hourigan

Attribution: Agency release.

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Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

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10 commercial sales around Bay of Plenty & Waikato

Bayleys agents have sold 10 properties around the Bay of Plenty & Waikato, including 2 more industrial sites at the Tauriko business estate outside Tauranga, 2 properties in Tauranga and 3 around Hamilton.

Out of the main centres, the most prominent sale was of the Lemon & Paeroa premises in Paeroa (pictured above).

Bay of Plenty

Tauranga

1339 Cameron Rd:
Features: 1005m² site, 360m² single-level commercial building leased to 2 food & beverage businesses, 17 parking spaces
Rent: $53,352/year net + gst, rental increase of $28,000/year for one tenancy in March 2019
Outcome: sold for $1.2 million at a 5.46% yield
Agent: James Ross

Greerton

6 Hynds Rd, unit 1:
Features: 766m2 modern, high stud warehouse, large mezzanine, high quality offices, 6 parking spaces
Outcome: sold with vacant possession for $1 million
Agents: Myles Addington & Graeme Coleman

Tauriko

31 & 39 Paerangi Place, Tauriko, sold at $425/m².

31 & 39 Paerangi Place:
Features: 12,591m2 flat industrial site in Tauriko Business Estate in 2 freehold titles (11,041m2 & 1550m2), 3 street frontages, utility services, roading & titles in place
Outcome: sold for $5,351,175 at $425/m2
Agents: Lloyd Davidson & Jo Stewart

Lot 414:
Features: 837m2 of bare industrial land, one of limited number of smaller sites in Tauriko Business Estate, title expected to be issued second quarter of 2019
Outcome: sold for $375,000 at $448/m2
Agent: Lloyd Davidson

Waikato

Hamilton

CBD:

28 Harwood St:
Features: 2104m2 corner site on edge of cbd, 3328m2 Opus House, 1980s office building with grade A seismic rating, 38 parking spaces; 2 national occupants, Opus International Ltd the anchor tenant
Rent: $599,813/year net + gst
Outcome: sold for confidential price
Agents: Scott Kirk, Mike Swanson & David Cashmore

Beerescourt

430 Ulster St:
Features: cross-lease, 170m² dwelling consented for office use, 4 offices with kitchen, bathroom & onsite parking
Outcome: sold with vacant possession for $471,000 to owner-occupier who will renovate for finance company business
Agent: Jason Kong

Frankton

87e Killarney Rd:
Features: Freshly renovated 120m² industrial unit plus 3 parking spaces
Outcome: sold with vacant possession for $325,000, including GST, to building industry owner occupier
Agent: Anne-Marie Brown

Paeroa

2 Seymour St:
Features: 2546m² corner site at northern entrance to township with 444m² L&P building (with replica 6m L&P bottle); anchor tenancy L&P Café Bar & Brasserie, which underwent a substantial refurbishment in 2015, on 3-year lease from December 2016, with one 3-year right of renewal; buyer will occupy vacant part of the premises (previous asking rental $19,000/year)
Rent: $53,352/year net + gst
Outcome: sold post-auction for $650,000
Agents: Jo Stewart & Brendon Bradley

Putaruru

91 Tirau St:
Features: 332m² business-zoned site on State Highway 1 at the northern entrance to township, 118m² office premises in need of refurbishment
Outcome: sold for $116,500 with vacant possession
Agents: Brendon & Ryan Bradley

Tokoroa

2-4 & 6 Waratah Place:
Features: 2 adjoining titles totalling 4075m² of industrial land, exposure to State Highway 1, 183m² workshop; part of one title leased to BP Oil NZ Ltd for truckstop operation at peppercorn rental of $1/year + gst, balance of both sites vacant
Outcome: sold for $316,000
Agents: Ryan & Brendon Bradley

Attribution: Agency release.

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Rotorua industrial building & residential units sell

2 Rotorua properties were sold on Tuesday to round off Bayleys’ Total Property 7 action series around the country.

South of the Bombays – Bay of Plenty

Rotorua

Fenton Park

40-42 White St:
Features: 1370msite, 746m1980s industrial building
Rent: 3 leases returning $54,651/year net + gst, anchor auto tenancy on a new 5-year term
Outcome: sold for $865,000 at a 6.32% yield
Agents: Mark Slade & Brei Gudsell

Victoria

15 Larch St:
Features: 1169m2 site in 2 cross-lease titles, 5 residential units totalling 350m2, 4 of 2 bedrooms & a one-bedroom unit, each with one parking space
Rent: fully leased on periodic tenancies, gross rental income $47,840/year
Outcome: sold for $770,000
Agents: Mark Slade & Brei Gudsell

Attribution: Agency release.

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7 sales ranging from mainstreet to backblocks

Colliers agents have completed 7 commercial, industrial & rural sales at St Johns in Auckland, Hamilton, Hastings and Te Karaka (between Gisborne & Opotiki).

Isthmus east

St Johns

4 Farmhouse Lane:
Features: 2154m² site, 1629m² warehouse & office
Rent:
Outcome: sold with vacant possession for $4.35 million
Agents: Hamish West & Andrew Hooper

South of the Bombays

East Coast

Te Karaka

319 Whatatutu Rd:
Features: 38.8ha farm – 20ha of fertile cropping land, 18ha of grazing land, 3ha leased to a local nursery, large shed complex
Outcome: sold at auction with vacant possession for $1.15 million
Agents: David Egan & Alan Thorpe

Hawke’s Bay

Hastings

1026 Heretaunga St West:
Features: 456m² retail unit leased to ANZ Bank, 19 parking spaces
Outcome: sold for $1.805 million at a yield of 6.06% yield
Agent: Danny Blair

200 Market St:
Features: 3640m² retail & office property, predominantly leased to Kiwibank
Outcome: sold to an investor for $7,085,740 at a 6.13% yield
Agent: Danny Blair

822 Omahu Rd:
Features: 510m², new industrial development leased to engineering supplies company SaecoWilson
Outcome: sold for $1.46 million at a 4.65% yield
Agent: Danny Blair

Waikato

Frankton

279 Kahikatea Drive & 19 Wickham St:
Features: 2.44ha site in 2 titles, 6918m² warehouse
Outcome: sold for $8.3 million
Agents: Alan Pracy & Mark Brunton

Hamilton

26 Clarence St:
Features: 2009m² site, commercial office building,
Outcome: sold for $1.884 million
Agents: Alan Pracy & Mark Brunton

Attribution: Agency release.

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Cassels sells Spark Central

Ian Cassels’ The Wellington Company Ltd has sold its Spark Central building in Wellington for $197.5 million, 3 months after CBRE launched a marketing campaign.

Rent at a net $14,491,781 + gst puts the yield on the sale price at 7.34%.

The building at 40-48 Willis St, completed in 2011, has been bought by an investment group represented by Queenstown law firm Mitchell Mackersy. The unconditional sale will be settled in early 2019.

Image above: Spark Central’s Willis St frontage.

Below: The pedestrian link through the Spark Central site.

The pedestrian link through the Spark Central site.

CBRE Wellington managing director Matthew St Amand & NZ executive chair Brent McGregor said it was the biggest single office sale in Wellington.

Mr St Amand said the property attracted strong interest from international investors, drawing offers from Germany, Singapore, Hong Kong & Australia: “We were delighted that Wellington continues to be a destination of choice for offshore investors, but ultimately the strongest offer came from our own backyard.”

The 2-frontage 3658m² site has a 12-storey refurbished heritage building on Willis St and a new 11-storey office tower on Boulcott St, 3 levels of basement parking & an internal pedestrian link connecting the 2 streets.

It has floorplates ranging from 1336-2837m², a net lettable area of 28,000m² and a 5-star green star rating. Tenants include Spark, media group Stuff, insurer AMP and the Bank of NZ.

Mr Cassels said the strong interest & sale pointed to renewed optimism in investing in the capital, and Mr St Amand agreed: “Investors look for quality assets with strong investment fundamentals. What we are seeing now is that the things that traditionally made investors nervous about Wellington – the weather, the distance & the possibility of the occasional earthquake – aren’t the city’s defining features anymore.

“Spark Central is one of the largest & highest quality office assets in the Wellington cbd and is home to notable tenants including Stuff, Spark, BNZ & AMP – all of which is a testament to the way in which future-focused development can make an attractive proposition.”

Attribution: Agency release.

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All 3 sold at Bayleys’ Wellington auction

Bayleys sold all 3 commercial properties at its Total Property auction in Wellington last Thursday.

South of the Bombays

Wellington

Petone

12 Sydney St:
Features: 455m2 site zoned Petone commercial 2, 300m2 of predominantly warehouse/workshop plus showroom/office space, 8 parking spaces
Outcome: sold vacant for $760,000 at land & building rate of $2533/m2
Agent: Richard Faisandier

75 Sydney St:
Features: 498m2 site zoned general business in the heart of Petone’s light industrial area, 369m2 tilt-slab warehouse constructed in 2000, seismic assessment 70% of new building standard, 10 parking spaces
Outcome: sold vacant for $900,000 at land & building rate of $2439/m2
Agents: Fraser Press & Paul Cudby

Stokes Valley

192 Stokes Valley Rd:
Features: 322m2 corner site zoned suburban commercial, 320m2 retail space configured as 4 shops, 2 with longstanding tenants, 2 vacant
Rent: $15,572/year net + gst (estimated potential $36,000/year net + gst)
Outcome: sold for $280,000 at a 5.6% yield on current rent (13.9% on potential rent)
Agents: Paul Cudby & Andrew Smith

Attribution: Agency release.

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Updated: 5 (now 6) of 14 sell at Bayleys’ Auckland commercial auction, 3 of 3 in Tauranga

Published 25 October 2018, updated 29 October 2018:
5 of the 14 properties were sold at Bayleys’ Total Property commercial auction on Wednesday and 5 attracted no bid.

At the agency’s Tauranga auction, all 3 properties were sold under the hammer.

Update: One property has been sold post-auction – a takeaway outlet in the Wairau Junction retail centre. The outcomes for 2 of the Auckland properties were transposed – for Ellerslie & Blockhouse Bay – and have been corrected below.

CBD

Chancery

Chancery Square, 44 Courthouse Lane, unit A206:
Features: 45m² unit leased to property management company
Rent: $33,500/year net + gst + outgoings
Outcome: sold for $380,000 at an 8.82% yield
Agents: Mike Adams & Jean-Paul Smit

Queen St

Mid-City, 239 Queen St, unit 1Y:
Features: m²,
Rent: $27,360/year net + gst, occupied by hair salon, lease term runs to April 2021 with further rights of renewal
Outcome: withdrawn from auction
Agent: Oscar Kuang

Hauraki Gulf islands

Waiheke Island

Onetangi

The Sands, 141 The Strand, unit 1:
Features: 104m² manager’s unit in the Sands apartment complex
Rent: $28,723/year net + gst + outgoings
Outcome: no bid
Agents: Brian Caldwell & Mana Tahapehi

Isthmus east

Ellerslie

Updated: 101 Main Highway, unit 12:
Features: 272m² Asian supermarket at Ellerslie shopping centre, 10 parking spaces
Rent: $60,000/year net + gst, 5-year lease in place with 2 5-year rights of renewal
Outcome: passed in at $800,000 (2 results transposed – originally posted as $2.7 million)
Agents: Oscar Kuang, Beterly Pan & Nicolas Ching01 Main Highway

Onehunga

222 Onehunga Mall:
Features: 273m² site, 2-storey building, seismic rating 75% new building standard, local town centre zoning has 27m height control
Rent: commercial & residential tenants
Outcome: withdrawn from auction
Agent: Oscar Kuang

Parnell

29B Bath St:
Features: 175m² site, 139m² commercial unit, parking space
Rent: $42,000/year net + gst current contract, 2 2-year rights of renewal
Outcome: no bid
Agent: Millie Liang

Isthmus west

Blockhouse Bay

Updated: 35 Margate Rd, flats 1-6:
Features: 2497m² site, 6 2-bedroom residential units, each of about 55m² & on separate titles, parking space each, offered in one package
Rent: $200,000/year net + gst from 2-year lease
Outcome: passed in at $2.7 million (2 results transposed – originally posted as $800,000)
Agents: Quinn Ngo, Matt Lee & James Chan

Eden Terrace

1 Exmouth St:
Features: 665m² vacant section on Newton Rd corner, leased to Wilson Parking, mixed use zoning
Rent: $21,495/year net + gst, early termination clause
Outcome: withdrawn from auction
Agents: Owen Ding, James Chan & Jarrod Qin

Pt Chevalier

1110 Great North Rd, unit D:
Features: 345m², town centre fruit & vegetable shop + parking, leased to PTC Fresh NZ for 5 years from December 2016 with 2 5-year rights of renewal
Rent: $108,312/year net + gst
Outcome: sold for $1.55 million at a 6.99% yield
Agents: Nicolas Ching, Quinn Ngo & James Chan

350 Pt Chevalier Rd:
Features: 696m² site zoned business – neighbourhood centre, housed greengrocery for over 50 years
Outcome: sold with vacant possession for $1.87 million at a land value of $2686/m²
Agents: John Procter, Alan Elliott & Cameron Melhuish

North-east

Orewa

Tamariki Plaza, 1-19 Cammish Lane, unit J:
Features: vacant 190m² commercial unit, one parking space + share of 35 parking spaces
Outcome: passed in at $700,000
Agents: Mustan Bagasra

Rosedale

101 Apollo Drive, unit D:
Features: vacant 120m² ground-floor office unit, 4 parking spaces
Outcome: auction postponed
Agents: Tonia Robertson & Jane McKee

Rosedale Retail Centre, 94 Rosedale Rd, unit 2:
Features: 73m² shop at entrance to zero-vacancy retail centre
Rent: $37,520/year net + gst + outgoings
Outcome: sold prior
Agents: Eddie Zhong, Steven Liu & Meng He

Wairau Valley

18 Ashfield Rd, unit D:
Features: industrial unit, 110m² ground floor, 30m² storage above, monthly tenancy
Outcome: sold for $440,000
Agents: Trevor Duffin & James Yu

65-71 Porana Rd, unit E:
Features: 133m² unit occupied by Hollywood bakery
Rent: $55,000/year net + gst + opex, new 6-year lease
Outcome: auction postponed
Agents: Adam Curtis, Damian Stephen & Steven Liu

Updated: Wairau Junction, 162-178 Wairau Rd, unit 7:
Features: 45m² kebab outlet
Rent: $30,600/year net + gst + outgoings
Outcome: passed in at $500,000, sold post-auction for $550,000 at a 5.56% yield
Agents: Andrew Lin & Ranjan Unka

North-west

Henderson

192 Universal Drive, unit A1:
Features: 756m², corner store in Lincoln North Shopping Centre, 7-year lease to Super Cheap Auto NZ from July 2016, annual fixed 3% rental increases & one 5-year right of renewal
Rent: $225,221/year net + gst, 3% annual increases
Outcome: sold for $3.93 million at a 5.73% yield
Agents: Matt Lee, James Chan, Quinn Ngo, Terry Kim & David Han

South

Clendon Park

439 Roscommon Rd, unit 2:
Features: 97m² retail unit, tenant Clendon Foodmarket
Rent: $41,600/year net + gst, 6-year lease from 2015
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

439 Roscommon Rd, unit 3:
Features: 97m² retail unit, tenant Crown Liquor
Rent: $43,201/year net + gst, 4-year lease from 2016, rights of renewal
Outcome: no bid
Agents: Matt Lee, Quinn Ngo & Piyush Kumar

South of the Bombays

Bay of Plenty

Bethlehem

272A State Highway 2:
Features: 809m² site, 305m² 2-level commercial building, anchor ground-floor pharmacy tenancy, smaller dental tenancy above on leases renewed until 2021 plus further renewals
Rent: $62,730/year net + gst
Outcome: sold for $1.26 million at a 4.98% yield
Agent: Myles Addington

Judea

66 Koromiko St:
Features: 2536m² industrial site, 1519m² standalone building comprising 1123m² of warehouse & workshop space, 4 large roller doors; the balance 2 levels of offices, showroom, storage & amenities; tenant Paramount Stainless has recently renewed for the next 3 years with one final right of renewal to 2024
Rent: $122,000/year net + gst
Outcome: sold for $1.8 million at a 6.78% yield
Agent: Graeme Coleman

Tauranga:

199, 207 & 213 Cameron Rd:
Features: 2192m² redevelopment site zoned city centre, allowing 19m² building height, next to central fire station on main arterial, car dealers have operated from site since the early 1970s, 2 tenancies expiring in August 2020
Rent: $190,715/year net + gst
Outcome: sold for $6.25 million + gst at a 3.05% yield, land value $2851/m²
Agents: Lloyd Davidson & Laura Taylor

Coromandel

Thames

517 Pollen St:
Features: 1521m² site, 1410m² building occupied by multiple tenants including NZ Post Ltd on long-term lease, 16 parking spaces
Rent: $107,717.53/year net + gst, multiple tenants
Outcome: no bid
Agents: Millie Liang & Josh Smith

Attribution: Agency release.

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Silverfin executes 2 leaseback deals for syndication

Property syndicator has completed 2 sale & leaseback deals with Halls Refrigerated Transport Ltd, through Bayleys, for its next syndicate. The rent on each unit is identical.

South

Takanini

1 & unit 1/15 Spartan Rd:
Features: 2.1154ha of industrial land, over 1ha of yard, about 3700m² of warehouse, coolstore  & office; adjacent to the Takanini motorway interchange & main trunk railway line, new 12-year lease to Halls Refrigerated Transport Ltd plus 2 6-year rights of renewal
Rent: $1.05 million/year net + gst
Outcome: sold for $16.85 million at a 6.23% yield
Agents: Chris & Ben Bayley, Sunil Bhana & James Hill

South of the Bombays

Waikato

Waharoa

Factory Rd, lot 1:
Features: 1.1175ha site 6km north of Matamata with its own railway siding, 7872m² purpose-built cool- & coldstore facility constructed in 2008 with a large addition in 2016, new 15-year lease to Icepak NZ, part of the Hall’s Transport Group
Rent: $1.05 million/year net + gst
Outcome: sold for $13,548,387 at a 7.75% yield
Agents: Chris & Ben Bayley, Sunil Bhana & James Hill

Attribution: Agency release.

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5 commercial & industrial sales in Auckland & south of Bombays

Colliers agents have sold 4 properties around Auckland, 2 at auction, and another 5 in the Bay of Plenty, Hawke’s Bay & Taranaki.

CBD

Uptown

5-7 Galatos St:
Features: 706m² site zoned business – city centre, allowing development to 30m high, 712.9m² building, headquarters of social enterprise Eat My Lunch Ltd, 100m from soon-to-be-constructed Karangahape city rail link station
Rent: $189,950/year net + gst, 8-year lease from 2016, 2 rights of renewal
Outcome: sold at auction brought forward for $4.35 million + gst, at a 4.37% yield
Agents: Shoneet Chand & Jonathan Lynch

Isthmus east

Newmarket

5 Broadway:
Features: 819m² site, 770m² commercial building
Outcome: sold for $6.75 million at a 4.4% yield
Agents: David Burley & Adam White

Isthmus west

Westmere

127-131 West End Rd:
Features: 741m² site zoned neighbourhood centre, redevelopment potential, 200m² floor area, 3 retail tenancies, rear parking
Rent: $45,620/year net + gst + opex
Outcome: sold at auction for $3 million + gst, at a 1.52% yield
Agents: Kris Ongley, Jonathan Lynch & Leroy Wolland

South

Half Moon Bay

490 Pakuranga Rd:
Features: 350m² retail block, 4 tenancies ranging from 70-130m²
Outcome: sold for $2.9 million + gst, at a 5.74% yield
Agents: Gawan Bakshi & Matthew Barnes

South of the Bombays

Bay of Plenty

Tauranga – Judea

19-25 Montgomery Rd:
Features: 3381m² industrial site in 3 titles, 2024m² net lettable area, high stud warehousing
Rent: $179,013/year net + gst
Outcome: sold for $2.85 million + gst, at a 6.28% yield
Agents: Rich Davidson & Rob Schoeser

Hawke’s Bay

Hastings – Twyford

1137 Omahu Rd:
Features: 15,568m² site zoned general industrial, redevelopment site containing a lifestyle block with a 240m² house, 448m² steel portal shed, 112m² canopy
Outcome: sold for $1.8 million + gst
Agents: Rob Nankervis & Hadley Brown

1424C Omahu Rd, unit 1:
Features: 3742m² industrial property, 1640m² 7m-stud warehouse & office, 1400m² sealed yard
Rent: $152,600/year net + gst, with 3-month break clause
Outcome: sold for $1.8 million + gst, at an 8.48% yield
Agent: Rob Nankervis

Napier

Whakatu industrial park, 50 Johnston Way:
Features: 11,130m² industrial property, single-storey specialist processing facility
Rent: $251,286/year net + gst from multiple tenants
Outcome: sold for $2,479,800 + gst, at a 10.1% yield
Agent: Rob Nankervis

Taranaki

New Plymouth – Bell Block

87 Corbett Rd:
Features: 6689m² site, 725m² building – warehouse 457m², office 268m² on ground floor & mezzanine, 3000m² subdivisible yard, 19 parking spaces
Rent: market assessment $102,500/year net + gst
Outcome: sold vacant for $1.375 million + gst
Agent: Benet Carroll

Attribution: Agency release & agent documents.

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