A Wairau Valley light industrial property leased to a supermarket business was sold at JLL’s auction on Wednesday on a 4.08% yield.
Industrial sales & leasing director Euan Stratton said the auction generated 94 inquiries and drew 8 bidders selling 60% above the council valuation of $1 million.
92 Sunnybrae Rd:
Features: 809m² site, 425m² floor area – ground-floor showroom, rear storage with amenities, mezzanine office, building’s seismic rating is 70% of new building standard, 23m² more storage in rear lean-to, 8+ parking spaces
Rent: $66,000/year net on new 7-year lease to Patel Brothers Supermarket with structured rental growth
Outcome: sold at auction on Wednesday for $1.615 million, at a 4.08% yield
Agents: Jaye Miller & Euan Stratton
Attribution: Agency release.