New high-stud industrial premises on Timberly Rd at Auckland Airport have been leased for six years to a bathroom and plumbing products supply company at an initial annual net rental of $307,120 plus GST by Sunil Bhana, Bayleys Auckland; and Jamsheed Sidhwa and Luke Carran, Bayleys South Auckland. The lease encompasses 1903sq m of warehousing with a 550sq m canopy, 203sq m of office, eight car parks and a 967sq m yard.
Wairau Valley warehouse
A 951sq m freehold industrial warehouse with 519sq m total floor area at 114 Sunnybrae Rd, Wairau Valley, has sold at auction for $1,840,000, representing a yield of 4.5 per cent. The deal was brokered by Euan Stratton and Matt Prentice of Colliers International.
Leased to Mitre 10 in Thames
Also selling at the Hamilton action for $2,165,000 at a 6.6 per cent yield was a 2836sq m main street site at 458 Pollen St, Thames,with Mitre 10 the anchor occupant. Marketed by Josh Smith and Mary Walker, Bayleys Coromandel, it comprises 1659sq m of earthquake-strengthened buildings with various lease terms to Mitre 10 running to 2021 plus a small upstairs office lease.
Nelson Bridge St sale
A 670sq m commercial investment/retail property, with existing tenants, at 31-33 Bridge St, Nelson, has sold for $1.6m through Geoff Faulkner of Colliers International.
Hamilton investment property
A 2317sq m freehold investment/retail property at 4 Maui St, Hamilton, has sold for $3,260,000, though Alan Pracy and Justin Oliver, with a referral from Jolyon Thomson and Ben Cockram of Colliers International.
Te Awamutu roadfront
A 410sq m building on a 653sq m roadfront site at 355 Rickit Road, Te Awamutu sold at the Bayleys Total Property Hamilton auction for $760,000 at a 7.4 per cent yield through Alex ten Hove, Mike Swanson, Bayleys Waikato. It is fully leased to two established electrical tenants.
