Colliers agents have sold a Papamoa property occupied by a meat processor, and an owner-occupier has bought a vacant Mt Maunganui warehouse.
South of the Bombays
Bay of Plenty
137 Newton St:
Features: vacant 1325m² site, 600m² warehouse with office & showroom, offstreet parking
Outcome: sold to an owner/occupier for $1.775 million
Agents: Simon Clark & Duncan Woodhouse
63 Enterprise Drive:
Features: 1545m² site, 720m² meat-processing facility built in 2006 & expanded in 2017, new 10-year lease with 10-year rights of renewal
Rent: $120,000/year net + gst + outgoings, 2-yearly CPI + 1% rent reviews, 5-yearly market reviews
Outcome: sold for $1.875 million at a 6.4% yield
Agents: Rob Schoeser & Simon Clark
Attribution: Agency release.