A large bulk retail property tenanted by PlaceMakers at 24 Oteha Valley Rd Extension, Albany, has been sold off market for $14m, representing a yield of 5.5 per cent. The deal was brokered by Shoneet Chand, Matt Prentice and David Burley of Colliers International.
Remuera Medical Centre
A 159sq m early 1970s commercial building on a 167sq m site at 591 Remuera Rd, sold for $1,610,000 at a 4.09 per cent yield through Cameron Melhuish, Andrew Wallace and Genevieve Thompson-Ford of Bayleys. Longstanding ground floor tenant Remuera Village Medical Centre exercised the first of four five-year rights of renewal in in 2016 while an upstairs beauty clinic exercised its last two-year right of renewal in 2016.
Mairangi Bay Caltex
A Caltex Service Station, at 21 Constellation Drive, Mairangi Bay, has sold off market through Shoneet Chand and Matt Prentice of Colliers International, for $3,475,000 representing a yield of 4.6 per cent.
Te Awamutu retail units
Retail units totalling 645sq on a corner site at 104 George St, Te Awamutu, and leased to three well-established tenants, have sold for $1,837,500 and a 6.5 per cent yield, through Mike Swanson and Alex ten Hove, Bayleys Waikato. The units are part of The Warehouse shopping precinct built in 2009.
Sockburn Christchurch sale
A 5628sq m warehouse and office building on an underdeveloped 1.1279ha site at 14 Watts Rd, Sockburn, have sold for $5.5m through Stewart White, Chris Frank and Alex White, Bayleys Christchurch. An existing lease, expiring October 31, 2017, is earning $502,918 per annum.
