Published 4 September 2018
A large storage building & large parking lot in Henderson (outlined in picture), with concept designs for development of 116 apartments, has been sold by Colliers agents on a yield of just under 6%. At Te Rapa, just north of Hamilton, another large site partly occupied by Vehicle Inspection NZ has been sold at a 5.5% yield.
14-36 Sel Peacock Drive:
Features: 9640m² site in 3 titles, 9700m² net lettable area, Storage King anchor tenant, others include Mad Butcher & Ministry of Social Development; 3024m² of the site vacant & zoned terrace housing & apartment buildings
Rent: about $1.245 million/year net + gst from 6 tenants, weighted average lease time 6.05 years
Outcome: sold for $21 million at a 5.93% yield
Agents: Richard Kirke & Josh Coburn
South of the Bombays
59 Tasman Rd, lot 1:
Features: 3980m² site, 1350m² building, newly developed industrial property leased to VINZ (Vehicle Inspection NZ Ltd)
Outcome: sold for $2.758 million at a 5.5% yield
Agents: David Palmer, Peter Scammell & Justin Oliver
Attribution: Agency release.