A 1135sqm five-level office building with 18 basement car parks on a 911sqm leasehold site at 32 Market Place, Viaduct Harbour has sold for $3.25m at a 10.4 per cent yield through Layne Harwood, Bayleys Auckland. Located within The Parc mixed-use complex constructed in 2006, it has seven tenancies and 85sqm of vacant space.
Red Stag buys forest land
Red Stag Forests has purchased around 1180ha of forestry land spread over four titles at Whakamaru, South Waikato, for $3.8m in a sale by tender brokered by Colliers' special projects manager Roger Seavill. Located on SH32, southwest of Tokoroa, the property has well established access infrastructure.
Lincoln North unit
A 503sqm retail unit in a central position in Lincoln North Shopping Centre has been sold for $3.1m at a 5.4 per cent yield by Oscar Kuang, James Chan and Nicolas Ching of Bayleys Auckland International Division. For over a decade, it has been occupied by the ANZ Bank which exercised a six-year right of renewal in December 2015.
Palmerston North auction
A split-risk Palmerston North retail property, anchored by Dulux on a six-year lease, has sold at auction for $1.1m, at a yield of 6.66 per cent, in a sale brokered by Grant Lloyd, Doug Russell and Phil Nevill of Colliers Palmerston North. The 1002sq m property at 719 Main St comprises two buildings with a total floor area of 470sq m.
Mt Maunganui warehouse
A 1008sqm warehouse and office building on a 1502sqm leasehold industrial site at 22 Tukorako Drive, Mt Maunganui sold for $1,525,000 at a 7.59 per cent yield (after ground rent) through Jo Stewart, Bayleys Tauranga. It is occupied by two tenants on leases running until 2019 and 2021 with renewal rights.
Gisborne vineyard
A 20.76ha vineyard property, with a 170sq m home on an adjoining lifestyle block at 298 Tiniroto Rd, Patutahi, in the Gisborne region, sold for $1.85m through David Egan and Alan Thorpe of Colliers Gisborne.
Queens Lane Development
A 47.7sq m retail unit at 396 Queen St in Auckland's CBD has sold vacant for $1.15m at $24,109 per sq m through Millie Liang, Bayleys Auckland. It is one of nine shops with Queen St frontage in the new 23-shop Queens Lane Development beneath the Sheraton Four Point Hotel.
East Coast rural
In a deal brokered by Tom Lane of Colliers Gisborne, a diversified rural property in the Gisborne region with 69ha of fenced deer farming land, a redwood and eucalyptus forestry plantation and a rustic hunting cabin, sold at auction for $985,000. The freehold property of 152.76ha is on Waiapu Rd, SH35, between Tolaga Bay and Tokomaru Bay.
