A development site in the Valley Rd shopping precinct along Dominion Rd, Mt Eden, has been sold for $3.7 million at $2689/m² of land. Despite the demolition clauses in place, the sale price represents a firm 7.3% cap rate.
198-202 Dominion Rd:
Features: 1376m² site zoned residential 6, Valley Rd shopping precinct, 5 separate tenancies totalling 1574m² leased to 4 tenants, 24% IEP (seismic) rating, parking access from Dominion Rd and secondary access from Carrick St
Rent: $271,451/year + gst + opex, all leases with demolition clauses
Outcome: sold for $3.7 million at $2689/m² of land
Agents: Cam Paterson, Barfoot & Thompson Commercial
Attribution: Agency release.