Around the block
CBRE director appointed
Scott Millar has been appointed director of CBRE’s valuation & advisory services to be based in Auckland where he will lead the Development
Land team.
Millar comes from roles at JLL New Zealand and CBRE London where he focused on the valuation of general commercial and industrial assets and student accommodation. Most recently, he was a director at JLL New Zealand.
Manukau industrial
A 2070sq m road front industrial building on a cross lease section at 117 Kerrs Rd, Manukau, and with two tenants on six and four-year leases, has sold for $4.2m at a 5.95 per cent yield through Bayleys’ agents James Hill and Nelson Raines.
Eden Terrace site
An Auckland city fringe commercial property on a 900sq m freehold site at 16-22 Virginia Ave East, Eden Terrace, has sold at auction for $3,607,000, representing a passing yield of 2.15 per cent and a market yield 3.88 per cent. The sale was brokered by Jonathan Lynch and Tony Allsop of Colliers International.
Viaduct Harbour building
A 1135sq m five-level office building with 18 basement car parks on a
911sq m leasehold site at 32 Market Place, Viaduct Harbour has sold for $3.25m at a 10.4 per cent yield through Layne Harwood, Bayleys Auckland. Located within The Parc mixed-use complex constructed in
2006, it has seven tenancies and
85sq m of vacant space.
Red Stag buys forest land
Red Stag Forests has purchased around 1180ha of forestry land spread over four titles at Whakamaru, South Waikato, for $3.8m in a sale by tender brokered by Colliers’ special projects manager Roger Seavill. Located on SH32, southwest of Tokoroa, the property has well established access infrastructure. Lincoln North unit
A 503sq m retail unit in a central position in Lincoln North Shopping Centre has been sold for $3.1m at a 5.4 per cent yield by Oscar Kuang, James Chan and Nicolas Ching of Bayleys Auckland International Division. For over a decade, it has been occupied by the ANZ Bank which exercised a six-year right of renewal in December 2015.
Palmerston North auction
A split-risk Palmerston North retail property, anchored by Dulux on a six-year lease, has sold at auction for $1.1m, at a yield of 6.66 per cent, in a sale brokered by Grant Lloyd, Doug Russell and Phil Nevill of Colliers Palmerston North. The 1002sq m property at 719 Main St comprises two buildings with a total floor area of 470sq m.
Mt Maunganui warehouse
A 1008sq m warehouse and office building on a 1502sq m leasehold industrial site at 22 Tukorako Drive, Mt Maunganui sold for $1,525,000 at a 7.59 per cent yield (after ground rent) through Jo Stewart, Bayleys Tauranga. It is occupied by two tenants on leases running until 2019 and 2021 with renewal rights.
Gisborne vineyard
A 20.76ha vineyard property, with a 170sq m home on an adjoining lifestyle block at 298 Tiniroto Rd, Patutahi, in the Gisborne region, sold for $1.85m through David Egan and Alan Thorpe of Colliers Gisborne.
Queens Lane Development
A 47.7sq m retail unit at 396 Queen St, Auckland CBD, has sold vacant for $1.15m at $24,109 per sq m through Millie Liang, Bayleys Auckland. It is one of nine shops with Queen St frontage in the 23-shop Queens Lane Development beneath the Sheraton Four Point Hotel.
East Coast rural property
In a deal brokered by Tom Lane of Colliers Gisborne, a diversified rural property in the Gisborne region with 69ha of fenced deer farming land, a redwood and eucalyptus forestry plantation and a rustic hunting cabin, sold at auction for $985,000. The freehold property of 152.76ha is on Waiapu Rd, SH35, between Tolaga Bay and Tokomaru Bay.