By ANNE GIBSON Property editor
Five large commercial properties in Auckland have sold in the past few weeks for a total of about $28 million, with Greg Wilkinson's Axis Property Group being on both ends of the wheeling and dealing.
In one of the most active periods for real estate for many months, the properties around the CBD have been bought and sold mainly by locals.
Auckland-based Axis bought a strategic city site which it wants to develop, but it also quit an office block on the fringe of the CBD.
Axis paid $4.5 million for the mainly vacant Liquorland site on the corner of Hobson and Victoria Sts and plans a $10 million development there. Mr Wilkinson wants a low-level retail development for the site, which is opposite TVNZ.
Plans are for a cafe, superette, liquor shop, fast-food outlets and video hire business, Mr Wilkinson says, although the exact mix of tenants is still being worked out.
Axis bought the site - including the existing Liquorland outlet, whose lease expires this month - from Pembroke Holdings, says agent Bayleys Real Estate.
Axis sold the Fujitsu Building at 117 Khyber Pass Rd to Auckland investment company Nanuk Enterprises for $6.74 million.
The three-level, 2648 sq m office block was built in the late 1980s and returns a net rental of $693,135 annually.
Other deals completed in the past few weeks were:
* The $7.8 million sale of the historic T&G building on the corner of Wellesley and Elliott Sts. The 1920s building behind Smith & Caughey was sold by Concrete Properties to a private investor, said John Halstead of Bayleys.
* The $7 million sale of 73 Symonds St by Kiwi Income Property Trust. Six tenants in the eight-level office block, formerly Equiticorp House, pay a net annual rent of $913,000.
* The $2.7 million sale of 87-89 Anzac Ave by Auckland property investor Okahu Holdings. The office block fronting Anzac Ave and Eden Cres produces a net return of about $230,000.
$28m rush of activity in CBD
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