Recent Deals for Monday May 21

This Takapuna commercial building with frontages to three CBD streets sold for $7.4m. Photo / Supplied

Takapuna Promenade building

A multi-tenanted, 1672sq m, two-level commercial building on an 817sq m Metropolitan Centre zoned corner site at 8-12 The Promenade, Takapuna, with frontages to three CBD streets, sold for $7.4 million at a 5.61 per cent yield throughBrian Caldwell of Bayleys North Shore Commercial. Ten leases have final expiries ranging from 2018 to 2028 and all but two have demolition clauses.

East Tamaki industrial

A standalone industrial property of 1141sq m on a 2061 sq m freehold site at 4 Nadina Ave, East Tamaki, was sold for $3m at a yield of 4.56 per cent by Jolyon Thomson and Paul Higgins of Colliers International. The property comes with an established local tenant and a new seven-year lease earning rent of $137,000pa with rent reviews two-yearly and further rights of renewal in place.

Remuera renovated character

A recently renovated 138 sq m two-level character building on a 157m sq m site at 571 Remuera Rd in Upland Village sold for $1.11m at a 4.5 per cent yield through Andrew Wallace and Cameron Melhuish of Bayleys Auckland. It is fully leased to a cafe with a two-bedroom residence above.

Palmerston distribution centre

A 9906sq m distribution centre with high stud warehousing on a 7442sq m site at 92 Kaimanawa St, Palmerston North, sold for $8.3m at a 7.0 per cent yield through Mike Houlker and Sunil Bhana of Bayleys Auckland; and Karl Cameron and Lewis Townsend of Bayleys Manawatu. Coca Cola has been in occupation since the building's completion in 2003 and renewed for a further six years in December 2017.

Lower Hutt warehouse/office

A 2536sq m warehouse and office building on a 3527sq m industrial site at 131 Gracefield Rd, Lower Hutt, sold for $4,150,000 at a 7.22 per cent yield through Fraser Press and Mark Hourigan of Bayleys. It is leased to GroeNZ for three years from March 2017.