A 5% yield beckoned, but the final 2-way bidding battle for a multi-tenanted commercial building in the North Harbour business precinct stopped $127,000 short at Colliers’ auction today, with a sale at 5.19% on current rent.
The building, erected by Kea Property Group Ltd in 2001, has 4 separate units & 6 individual leases (including a cellphone tower). It backs on to the Harbour Hockey fields, and is 4 doors from the North Harbour Business Centre at the corner of Upper Harbour Highway.
The owners, 2 family trusts, declared the property on the market with the yield at 5.34%. Most of the leases are within 2 years of expiry.
68 Paul Matthews Rd:
Features: 1801m² site, 849m² net lettable area, 4 titles sold as one, seismic rating 100% of new building standard
Rent: $174,376/year current
Outcome: sold for $3.36 million at a 5.19% yield
Agents: Matt Prentice & Mike Ryan