MARKETWATCH – Recent sales and leasings
AUCKLAND 78 Coates Ave, Orakei A 589sqm fully leased retail and office building on an underused 1108sqm site with views towards the harbour and Rangitoto Island has sold for $2,875,000. The property has a 5.1 per cent yield and is returning $146,232 per annum plus GST from 10 tenancies. Sold by Robert Platt, Kate Kirkby of Bayleys Auckland. 10/ 78-80 Paul Matthews Rd, Rosedale A 77sqm retail unit in a popular complex in a busy corner location, sold at auction for $328,000. Leased to Styleline Kitchens for $21,540 per annum plus GST, the company has been in residence for more than seven years and has just signed a new three-year lease. Sold by Dave Lane of NAI Harcourts North Shore. 581 Sandringham Rd A 260sqm service station zone with redevelopment potential sold for $1.21m at a 3.3 per cent yield. The 357sqm site has a monthly lease and is producing $40,000 per annum net. Sold by Mark Birdling and Kell Morris of Bayleys Sandringham. PAEROA 7-9 Puke Rd, Paeroa Located at the southern gateway to the Coromandel, this property sold at auction for $370,000. It has three tenants providing $46,500 per annum plus GST on a site that is underused. The property has 3499sqm of freehold land including 85m of road frontage to State Highway 2. Sold by Rex Hadley and Russell Smith of NAI Harcourts Hamilton Commercial. TAURANGA 181 Devonport Rd A 1698sqm property in a prime Tauranga inner-city location sold to an investor at auction for $3.015m. The three-level building, on the corner of Devonport Rd and Second Ave, has five well-established office tenants and is producing a 6.75 per cent yield. Sold by Duncan Woodhouse, Simon Clark and Rob Schoeser of Colliers International. CHRISTCHURCH 51 Princess St A modern refurbished office building known as the Hewlett Packard building sold to an investor for $5.9m. The building is part of the Work Station business park in Addington. It has a yield of 8.3 per cent and 1567sqm of net lettable space over two levels, plus 41 carparks. The building has undergone a seismic upgrade and is producing an annual net income of $489,364 plus GST. Sold by Stuart Bode of Ray White Commercial.