A four-level, 2129sq m recently upgraded commercial building at 63-69 Spring St in the Tauranga CBD has been sold for $5.2 million at a yield of 8.6 per cent by Kevin Wehipeihana of Bayleys Tauranga. Situated on a 2449sq m corner site in four titles, the building's tenants comprise a
mixture of office occupants, ground floor retail and car parking.
Rotorua foodies complex
Andrew Shaw of Bayleys Waikato and Mark Rendell of Bayleys Rotorua have sold at auction a 2-year-old 514sq m retail complex on a 2158sq m site with 28 car parks at 176 Lake Rd, Rotorua, for $2,501,000 at a 7.1 per cent yield. The property has four occupants, Domino's Pizza, Subway, Jesters Pies and Liquorland, on five to 10 year leases.
Revamped for Red Bull
A 721sq m office and warehouse building at 13 Hargreaves St, College Hill has been sold post-auction for $2,210,000 at an 8 per cent yield by Richard White and John O'Brien of Bayleys Auckland. The property was substantially redesigned and rebuilt 10 years ago to accommodate Red Bull's NZ head office.
City Star CBD property
Unit D at 9 Customs St East, on a corner with Queen St in the Auckland CBD and housing City Star internet Convenience on an 8-year lease from May 2009 with one 6-year right of renewal, has been sold post auction for $1,850,000 at a 6.5 per cent yield by James Chan and Quinn Ngo of Bayleys Auckland. The 184sq m retail unit in the Dilworth building comprises 79sq m of ground floor space, a 43sq m mezzanine and 31sq m of basement space.
Te Puke retail building
Brendon and Lynn Bradley of Bayleys Tauranga have sold at auction a 327sq m CBD retail building, on a 648sq m site in two titles with nine rear car parks, at 96-98 Jellicoe St, Te Puke, for $680,000 representing a 7 per cent yield.
