A Hong Kong-based investor has bought the NZ Post building on Victoria St West, the fourth property in Augusta Capital Ltd’s Value-Add Fund No 1 to be sold.
2 retail premises in the conversion of 396 Queen St and the Viaduct Point apartment complex were also sold by Bayleys agents.
396 Queen St, unit 19:
Features: new 18m² shop, only one remaining for sale on Mayoral Drive frontage of building, located alongside the lobby entrance of the 255-room Four Points by Sheraton Hotel being constructed in the former office tower; fully serviced with power & gas, marble flooring & lighting; Russell Property Group Ltd bought the 19-level office tower a year ago to convert it
Outcome: sold vacant for $280,000
Agent: Millie Liang
151 Victoria St West:
Features: 1741m² site on the corner of Hardinge St, 5-level, 4777m² commercial premises, 75 parking spaces; fully leased to NZ Post Ltd until 2022 although it no longer uses all the building; fourth property to sell from Augusta’s Value-Add Fund No 1, bought by a Hong Kong-based investor
Outcome: sold for $30 million at a 5.93% yield
Agents: Beterly Pan & James Chan
125 Customs St, unit 111:
Features: 110m² leasehold retail unit plus one basement parking space on ground level of Viaduct Point apartment complex, occupied by the same superette operator since 2003; current 8-year lease from April 2013, with one 6-year right of renewal
Rent: $44,133/year net + gst; tenant pays all outgoings, including ground rent payments
Outcome: sold for $467,000 at a 9.45% yield
Agents: Quinn Ngo & Matt Lee
14 November 2016: Russell to convert 396 Queen St to hotel
Attribution: Agency release.