A food outlet in the 252 Oteha Valley Rd neighbourhood centre, at the entrance to the Albany City development, sold on a 4.36% yield at Colliers North Shore’s auction today.
The unit was one of 7 of the total 8 units the Colliers office sold at auction following completion by developer the Aubrey Edward Group Ltd (Tom Tuke & Dean Whimp) & occupancy in 2016. On that occasion it fetched $852,000 at a 4.9% yield on initial rent.
This development is surrounded by other new developments, including the Ramada Hotel on the Albany park & ride side and Mitre 10 bulk retail development on the other side.
252 Oteha Valley Rd, unit 6:
Features: 83.4m², tenant Sunrise Bakery, forecourt parking
Rent: $45,567/year net + gst, 8-year lease from May 2016 + 2 4-year rights of renewal, 3%/year rental growth + market reviews at start of year 5 & each renewal date
Outcome: sold for $1.045 million at a 4.36% yield
Agents: Matt Prentice, Shoneet Chand & Mike Ryan
27 April 2016: Updated: 7 Oteha Valley outlets sell at auction