RECENT DEALS for February 6

This Peachgrove Hamilton Countdown supermarket was one of those syndicated.

Syndications oversubscribed

Two separate Augusta Funds Management syndications marketed by Bayleys and encompassing properties occupied by Countdown have attracted over $36 million of investors' equity. One encompassed 503 proportional interests of $50,000 each in Countdown's South Island distribution centre located on a 7.1811 ha industrial site in Hornby, Christchurch. The other comprised 220 $50,000 interests in a new Countdown supermarket in Hamilton with a 15 year lease to the grocery giant. Mike Houlker, head of Bayleys Investment Products division, says the offerings generated over 1500 inquiries and closed heavily oversubscribed within in a short space of time.

Devonport retail sale

A 408 sq m retail premises on a 574 sq m site at 14 Clarence St, Devonport has been sold by Deborah Dowling, Euan Stratton and Charlie Oscroft of Colliers International for $2 million representing a yield of 3.6 per cent.

Avondale motel complex

Meir Alfassi of Harveys Elysium Realty Te Atatu has sold for $2,050,000, to a private investor, an 18 unit motel complex on a 2064 sq m site at 85 Ash St, Avondale, which is generating $130,000 per annum from a 30 year lease.

Herne Bay's Hellaby building

Herne Bay's historic R & W Hellaby building, built in the early 1900s on a 446 sq m site at 222-228 Jervois Rd on the corner with Albany Rd, has been sold for $3.9 million at a five percent yield through Nigel McNeill of Bayleys Auckland. The fully leased, refurbished 597 sq m two-level building is occupied by five commercial tenants on two to five year leases including the Tessuti luxury homeware and gift shop, the Melanie Roger art gallery and a cafe.