RECENT DEALS for August 13

The building in which NZME is anchor tenant was syndicated for $70m.

Big syndication success

The largest syndication to be undertaken by Augusta Funds Management, offering $70m of equity in a new office building in Auckland's CBD in which NZME is the anchor tenant, has closed oversubscribed. Mike Houlker, Samara Phillips and Sarah Prebble from Bayleys' Investment Products & Syndication Division sold a total of 1400 investment units of $50,000 each in the limited partnership purchasing the 11,177 sq m Building A at 4 Graham St from a subsidiary of Mansons TCLM for $115,818,265. Houlker says the offering, which has an initial forecast pre-tax cash return of 7 per cent increasing to 8 per cent over the next four years, attracted substantial interest from investors from all around the country. The property has a Weighted Average Lease Term (WALT) of just under 12 years with NZME occupying three floors and Meredith Connell and Pernod Ricard one floor each. It is part of a two-building office complex which won the 2016 Property Council New Zealand Rider Levett Bucknall Property Industry Supreme Award for the best development project of the year.

Paraparaumu industrial

A 1550 sqm industrial site with three separate buildings over two titles at 128-130 Rimu Road Paraparaumu has been sold for $1.3m by Dean Anderson of Colliers International.

Wairau Valley unit

A 332sq m warehouse and office facility with five car parks at Unit D 44-48 Ellice Rd, Wairau Valley, has been sold at auction for $880,000 by Sam Sherning, Euan Stratton and Matt Prentice of Colliers International.

Impeccable in Te Aroha

An 'impeccably presented' 714sq m building on a 1063sq m site at 28 Church St, Te Aroha, near the town's CBD and occupied by five medical professionals on mixed lease terms, with some vacancy, has sold by Josh Smith of Bayleys Waikato, at a Bayleys Total Property auction in Hamilton for $2,630,000 representing a 5.9 per cent yield

Mission Bay convert

A281sq m former residential property, converted for commercial use and most recently occupied by a medical centre, on an 809sq m Residential 6A site with eight on-site car parks at 307 Kepa Rd, Mission Bay, has been sold with vacant possession for $2.3m by Tony Chaudhary, Janak Darji and Amy Weng of Bayleys South Auckland.