A 169sq m retail unit occupied by the National Bank and located off State Highway 16 between Kumeu and Huapai has sold for $710,000 at a 6.5 per cent yield through Richard White, Bayleys Auckland. The bank has a three-year lease from 2008, with two, three-year rights of renewal. The
unit is located in a substantial modern retail complex developed over the past six years to cater for the area's growing population of lifestyle property owners.
Manukau warehouse
Unit 20 at 18 Lambie Drive, Manukau, comprising a new 101sq m high stud warehouse and office building, has been sold to an investor for $197,000 with vacant possession by Ash Bolton and John Bolton of Bayleys Manukau.
Spanish space in Napier
The Spanish mission-style landmark Criterion building at 48 Emerson St and 8 Market St, Napier, has been sold by Bill Brown and Steve Glasspole of Bayleys Hawkes Bay for $1.6 million at a 9.25 per cent yield. The 1803sq m of space in 12-year leases from Sept 2009 is tenanted to Criterion Art Deco Backpacker and The Cri Bar and Cafe.
Warehouse on Hill St
A 1026sq m vacant industrial warehouse a 1313sq m site at 8 Hill St, Onehunga was purchased at a CBRE auction by a private owner occupier for just over $1 million. Sales broker Jillaine Murray and private client group national director Dominic Ong marketed the property.
Orewa funeral home
A 209sq m Orewa funeral home on a 1224sq m site was sold before auction for $735,000 to a private buyer on a sale and lease back basis. The price was a yield of 8 per cent and a new eight-year lease has been put in place to start at settlement. CBRE's Jillaine Murray and North Shore managing director John Bedford negotiated the deal.
