Colliers agents in Auckland & Queenstown have sold Jucy Rentals’ new Frankton Flats service centre at a sub-5% yield.
The property is in Frankton Flats activity area D, developed since the Queenstown-Lakes District Council put through the structure plan a year ago.
Frankton Flats, 52-54 Grant Rd:
Features: 5726m² industrial site adjacent to Queenstown Airport, 830m² office & warehouse, 4886m² yard, new customer service centre & workshop for Jucy Rentals NZ Ltd
Rent: $585,000/year net + gst from bank-guaranteed 10-year lease, 3% fixed annual growth, mid-term market review at 5 years with minimum increase of 3%
Outcome: sold for $13.1 million at a 4.46% yield
Agents: Gareth Fraser & Greg Goldfinch (Auckland), Rory O’Donnell & Tim Thomas (Queenstown)
Attribution: Agency releases.