Around the block

East Ta¯maki property

A standalone industrial property of 1141sq m on a 2061sq m freehold site at 4 Nadina Ave, East T¯amaki, has sold for $3,000,000, at a yield of 4.56 per cent. The property comes with an established local tenant and a new-seven year lease, current rental is $137,000pa outgoings, with rent reviews twoyearly and further rights of renewal in place. The deal was brokered by Jolyon Thomson and Paul Higgins of Colliers International.

Takapuna commercial

A1672sq m two-level commercial building on an 817 sq m Metropolitan Centre zoned corner site at 8-12 The Promenade, Takapuna with frontage to three CBD streets sold for $7.4m at a 5.61 per cent yield through Brian Caldwell, Bayleys North Shore Commercial. Ten leases have final expiries ranging from 2018 to 2028 and all but two have demolition clauses.

Remuera character building

A recently renovated 138sq m twolevel character building on a 157m sq m site at 571 Remuera Rd in Upland Village sold for $1.11m at a 4.5 per cent yield through Andrew Wallace and Cameron Melhuish, Bayleys Auckland. It is fully leased to a cafe with a two-bedroom residence above.

Coca Cola tenant

A 9906sq m distribution centre with high stud warehousing on a

7442sq m site at 92 Kaimanawa St, Palmerston North sold for $8.3m at a 7.0 per cent yield through Mike Houlker and Sunil Bhana, Bayleys Auckland, and Karl Cameron and Lewis Townsend, Bayleys Manawat¯u. Coca Cola has been in occupation since the building’s completion in 2003 and renewed for a further six years in December

2017.

Lower Hutt offices

A 2536sq m warehouse and office building on a 3,527 sq industrial site at 131 Gracefield Rd, Lower Hutt, sold for $4,150,000 at a 7.22 per cent yield through Fraser Press and Mark Hourigan. It is leased to GroeNZ for three years from March 2017.