A Te Rapa building outside Hamilton, occupied by boating & fishing company Hauraki Marine Ltd and a fitness centre, was sold on a yield of just over 6% at Bayleys’ Total Property auction in Hamilton today.
2 Te Rapa development sites, a Frankton engineering workshop & a Te Aroha milk bar were passed in.
Bayleys has also reported 3 Auckland commercial sales – a Queen St office, an Eden Terrace warehouse and a Freemans Bay refurbishment with use options.
South of the Bombays
20 Karewa Place:
Features: 3524m² site, 1700m² modern industrial premises, 55 parking spaces, leased to national motorhome & boating retailer Burnsco on a 6-year lease term with 10 3-year rights of renewal, and health centre Tu Tonu for 6-years with 2 6-year rights of renewal
Rent: $426,888/year net + gst
Outcome: sold for $7 million at a 6.1% yield
Agents: Mike Swanson & Alex Ten Hove
175 Queen St, unit 2B:
Features: 82m² second-floor office next to the China Travel Office, building rate of $3805/m²
Outcome: sold to an owner occupier for $312,000
Agent: Ken Hu
10-12 Minnie St:
Features: 1113m² site, 634m² office & warehouse, land value of $3971/m²
Rent: $117,225/year net + gst
Outcome: sold for $4.42 million at a 2.7% yield
Agent: James Were
31 Sale St, unit A:
Features: 185m² ground floor unit, extensive high spec refurbishment in character building, vacant, commercial &/or residential options
Outcome: sold for $950,000 at a building rate of $5135/m²
Agents: James Were & Scott Kirk
Attribution: Agency release.