RECENT DEALS for October 24

The Novotel Ibis, Ellerslie sold for a record price

Record price for non CBD hotel

The Auckland based CP Group has bought the 247 room Novotel Ibis Auckland Ellerslie for a record price of just over $55 million. Dean Humphries, national director of hotels for Colliers International, says the sale represents a yield of 7.76 per cent and is a record price for a non CBD hotel in New Zealand. "This transaction also bucks the trend of overseas buyers snapping up major hotel assets around the country," Humphries says.

Maat Albany's syndication success

The syndication by the Albany based Maat Property Group of the big 8.45 ha Todd Park in Porirua has closed fully subscribed after attracting $20 million worth of equity from investors. Brian Caldwell of Bayleys North Shore Commercial marketed the sale of 400 parcels of 50,000 $1 shares in the, a logistics, storage and bulk retail facility with its high profile tenants including Mitsubishi NZ, PlaceMakers, NZ Post, Ericsson Communications, R.H. Hannah and Downer.

Browns Bay retail office complex

A freehold 1111 sq m site with a retail and office complex at 77-85 Clyde Rd, Browns Bay was sold for $6.45 million by Janet Marshall, Euan Stratton & Ellie Martin of Colliers International. Marshall says the sale price represented a 4 per cent yield which is a record for Mixed Use retail on the North Shore. The property has 12 tenancies across three buildings and was on the market for the first time in 40 years.

North Harbour property

A 5000 sq m freehold property occupied by a 2731 sq m office and warehouse at 4 Cebel Place, North Harbour has been sold for $4.2 million by Matt Prentice, Mike Ryan and Adam White of Colliers International.

Mt Eden development site

A 1518 sq m development site in three equal titles at 25, 27 & 29 Altham Avenue, Mt Eden, with holding income of $60,000 per annum has been sold for $3 million by Damien Bullick and Alan Haydock of Bayleys Auckland.

Farmers buy in Tauranga

A 616 sq m office premise at 58 Elizabeth St, Tauranga has been sold to Farmers Trading Company for $1.4 million by Duncan Woodhouse of Colliers International.

East Tamaki industrial unit

A 1252 sq m industrial unit with a 961.5 sq m warehouse, 280 sq m office area and 10 car parks, at 30C Allens Rd, East Tamaki, with a three year lease from April 2015, has sold for $1.8 million at a 7.9 per cent yield through John Bolton and Roy Rudolph of Bayleys South Auckland.