2009_Total_Property_Sales_Snapshots
A wide range of transactions are continuing to be concluded in the commercial and industrial market encompassing tenanted properties as well as vacant buildings.
Here is a selection of recent sales from around the country:
RODNEY/NORTH SHORE
198 Molesworth Drive, Mangawhai Heads: 290m2 3-year-old standalone building on 1,635m2 industrial zoned site sold for $560,000 at a 7.7% yield. Mangawhai Hire Centre has a lease until March 2010, with 2-yearly rent reviews and 3x4yr RoR. (Robbie Robertson, Dianne Christensen, Bayleys Mangawhai)
20 Silverdale Street, Silverdale: Block of 8 shops sold for $1,000,000 at an 8.3% yield. The 595m2 complex is located on just over 1,000m2 in Silverdale’s main street. Lease terms ranging up to two years with RoR. (Mustan Bagasra, Bayleys Orewa)
20 Peters Way, Silverdale: Vacant 2,773m² industrial building on 4,979m² sold for $2,380,000. (Matt Mimmack, Bayleys North Shore)
8 Moana Avenue, Orewa: 100m2 Sussex Menswear store, put up for sale by the retiring business owner, sold to an investor for $550,000. Six-month lease back to Sussex Menswear. (Mustan Bagasra, Bayleys Orewa; Sunil Bhana, Bayleys Auckland)
1285 SH17, Dairy Flat: Former 4.29ha nursery property sold with vacant possession for $950,000. 4 glass/shade houses totalling 2,262m2, office buildings and a 4,000m2 metalled hardstand area. (Nigel McNeill, Bayleys Auckland; Rosemary Wakeman, Bayleys North Shore)
Unit K, 100 Don McKinnon Drive, Albany: 495m2 outlet with two tenants in the Northridge Plaza retail complex, sold for $2,100,000 at a 10.1% yield. Configure Express Gym and EGG Maternity have 10-year leases until 2018. (James Chan, Quinn Ngo, Bayleys Auckland)
5 Ceres Court, Albany: Two ground floor office units totalling 236m2, plus 6 carparks, sold for $705,000 at an 8.5% yield. New 4-year lease, with 1x2yr RoR, to established tenant, health and safety consultants Ergowise Ltd. (Richard Moors, Ryan de Zwart, Bayleys North Shore)
14 Vega Place, Albany: 392m2 industrial unit with six carparks, with a 4-year lease sold for $635,000 at an 8.2% yield. (Matt Mimmack, Bayleys North Shore)
Unit 7, 10 Canaveral Drive, Albany: 2-level, 300m2 industrial unit, with 6 carparks, sold for $601,000 to an owner-occupier. (Laurie Burt, Bayleys North Shore)
9D Beatrice Tinsley Crescent, Albany: 201m2 of warehouse and 155m² office/showroom, with 6 carparks, sold vacant for $572,000. (Laurie Burt, Bayleys North Shore)
Unit K, 9 Lovell Court, Albany: 130m², 2-level industrial building, with 3 carparks, sold vacant for $335,000. (John Parry Crooke, Bayleys North Shore)
Units 3 & 4, 28 The Avenue, Albany: 87m2 and 90m2 retail units, sold vacant for $200,000 each. (Rosemary Wakeman, Bayleys North Shore)
174 Mokoia Road, Birkenhead: 1,355m2 retail convenience centre on 3,869m2 sold for $5,900,000 at an 8.7% yield. Six tenants on 5 to 10-year leases, with 2-yearly rent reviews, include Lion Liquor, Fruit World, Aussie Butcher, Dominos Pizza and the Fishmonger. (Mike Houlker, Sunil Bhana, Bayleys Auckland; Nick Howe-Smith, Bayleys North Shore)
109 Wairau Road, Wairau Valley: 628m2 building on 1,277m2 site with 26 carparks, sold with vacant possession for $950,000. The high-profile site, with exposure to over 30,000 cars a day, has potential for future development. (Ranjan Unka, Greg Healey, Daryl Devereux, Bayleys North Shore)
Unit F, 33 Porana Road, Wairau Valley: 224m2 industrial unit sold vacant for $315,000. (Ranjan Unka, Greg Healey, Bayleys North Shore)
Unit G08, Cnr Auburn & Huron Streets, Takapuna: 103m2 of new office space, with 3 carparks, sold vacant for $350,000. (Nick Howe-Smith, Bayleys North Shore)
14 Victoria Road, Devonport: Landmark 380m2 Patriot Hotel building on 359m2 in the heart of Devonport’s retail precinct, sold for $1,800,000 at a 6.1% yield. The English-style pub and restaurant has 8.5 years to run on a 10-year lease on the former 2-level BNZ building, constructed in the 1920s. (Robert Platt, Bayleys Auckland)
AUCKLAND
234 Hobson Street, Auckland: 815m2 commercial redevelopment site with vacant 1,161m2 3-level office building sold for $2,553,000. Zoning permits buildings up to 50 metres high. (Mark Sun, Peter Nikolov, Bayleys Auckland)
2 Hobson Street, Auckland CBD: 195m2 ground-floor unit in a character building, sold for $390,000 at a 9.2% yield. Leased to the Suite Bar until October 2012, with 1x6yr RoR. (John O’Brien, Bayleys Auckland)
18 Gore Street, Auckland CBD: Retail unit, approx 65m2, sold vacant to an owner-occupier for $400,000. (David Bernard, Mark Sun, Bayleys Auckland)
52-54 Fort Street, Auckland CBD: 438m2 of office and retail space sold vacant for $400,000 to a childcare business. (David Bernard, Bayleys Auckland)
159 Symonds Street, Auckland: 118m2 ground-floor retail unit sold for $600,000 at a 7.8% yield. New 5-year lease, with 2x5yr RoR, to Viva Cafe. (Nicolas Ching, Bayleys Auckland; Tony Chaudhary, Bayleys Manukau)
Unit 1A, 71 Symonds Street, Auckland: 159m2 office unit on first floor of high rise building, sold vacant for $400,000. Includes 2 carparks. (James Were, Paul Dixon, Bayleys Auckland)
38 Ponsonby Road, Ponsonby: 3-level commercial building on 429m2 with a café on ground level, sold for $3,650,000. It was purchased by an owner-occupier who will move into the top 2 levels of office space and draw income of $64,740pa from the new 3-year café lease. (Richard White, Harold McCracken, Bayleys Auckland)
91 College Hill Road, Ponsonby: 255m2 2-level character office building on 337m2 site, sold vacant for $1,085,000. (Jillaine Murray, Nigel McNeill, John O’Brien, Bayleys Auckland)
28-30 Balfour Road, Parnell: 2132m2 development site, zoned Business 4, sold for $2,888,888, at $1355/m2 (Colin McKenna, James Chan, Bayleys Auckland)
108 Carlton Gore Road, Newmarket: 491m2 site with 467m2 vacant building sold for redevelopment for $2,000,000 or $4,073/m2. (Clint Barber, Bayleys Auckland)
27-73 Remuera Road, Newmarket: 75m2 shop in a block of 18 sold for $590,000, at a 6.1% yield. Picture frame franchise business Frame by Frame has been in the building for nearly 10 years and has a new 2-year lease, with the right to renew until 2013. (Cameron Melhuish, Matt Bayley, Mark Sun, Bayleys Auckland)
691 Manukau Road, Royal Oak: Royal Oak Medical Centre sold for $653,000 at a 7.75% yield. It operates out of 209m2 of space on the first floor of the Royal Oak Shopping Centre. First opened in 1988, it was expanded and refurbished in 2001 and has a 3-year lease from January 2009 and the right to renew until 2021. (James Chan, John O’Brien, Bayleys Auckland)
23 Edwin Street, Mt Eden: 129m2 office unit in the Zone 23 complex, with a new 4-year lease to pharmaceutical company Lima and 1x3yr RoR, sold for $588,000 at an 8% yield. (Clint Barber, Bayleys Auckland)
583 Dominion Road, Mt Eden: 74m² retail unit in a block of shops on corner with Balmoral Road with 6 years left to run on a 8-year lease, sold at a 6.7% yield. (Ash Bolton, Bayleys Manukau)
90-94 Melrose Road, Mt Roskill: 1960s-built 260m2 four-unit block of shops sold for $954,000 at a 7.4% yield. Occupied by a dairy and Lotto shop, an Indian grocery, a liquor shop and a financial services company, all on varying lease terms. The shops are on 665m2 of land in two titles. (Tony Chaudhary, Bayleys Manukau; Henry Thompson, Bayleys Auckland)
99 St Lukes Road, St Lukes: 127m2 early 20th century converted villa occupied by St Lukes Radius Medical Centre on prominent 1,108m2 site, sold for $1,115,000 at a 6.9% yield. 3-year lease from March 2008 with 1yr RoR. The property’s Residential 7a zoning means it could potentially be redeveloped to take up to five residential units. (James Chan, Quinn Ngo, Bayleys Auckland)
117 Captain Springs Road, Onehunga: 3,185m2 warehouse and office building on 4,314m2 sold for $3,300,000 at an 8.9% yield on a new 9-year lease to screen and digital printing company Original Screen Ltd. The building, which underwent a major refurbishment in 2006, has 2,419m2 of warehouse space, 491m2 of office and 276m2 of mezzanine storage. (Mike Houlker, David Gubb, James Hill, Bayleys Auckland)
175 Line Road, Glenn Innes: 871m2 retail complex on 2,344m2 sold for $2,300,000 at an 8% yield. Three tenants on 5 to 6 year leases include the Mad Butcher, a fruit and vegetable retailer and takeaway outlet. (Alan Haydock, Cameron Melhuish, Bayleys Auckland)
10F Burrett Avenue, Penrose: 504m2 industrial unit on 403m2 with 8 carparks, sold vacant for $680,000. It has 334m2 of warehouse and 170m2 office. (James Hill, Mike Houlker, Michael Loughlin, Bayleys Auckland)
87-93 Main Highway, Ellerslie: 981m2 Southern Cross building on 439m2 sold for $1,910,000 at an 8% yield. The building has seven tenancies including squash courts, retailers and APN Outdoor Ltd. (Nicolas Ching, Bayleys Auckland)
395 Rosebank Road, Avondale: 7,674m2 warehouse on 3,894m2 sold for $3,450,000 to an owner-occupier, planning major internal refurbishment. (Chris Upright, Andre Siegert, Mark Jorgensen, Bayleys Auckland)
7 Drury Road, New Lynn: 1,762m2 industrial building on 1,163m2 sold vacant for $825,000. 931m2 of high-stud warehousing, 296m2 of office and 535m2 of basement space. (Chris Upright, Amanda Sheffield, Mark Jorgensen, Bayleys Auckland)
87 Henderson Valley Road, Henderson: 1,947m2 industrial building on 8,343m2 sold for $2,500,000 at an 8.6% yield. The building comprises 1,031m2 of warehouse, 750m2 factory and 159m2 office, with an 8-year lease back to the previous owner-occupier, Charlies Trading Co. (Stuart Bode, Brian Johns, Clint Barber, Chris Upright, Amanda Sheffield, Bayleys Auckland)
288-290 Lincoln Road, Henderson: 1,871m2 bare land site sold for $790,000 or $422/m2. The 2-title rectangular corner site, which has a high profile onto Lincoln Road, has been sold to an owner occupier intending to develop a commercial building. (Chris Upright, Amanda Sheffield, Bayleys Auckland; Tony Chaudhary, Bayleys Manukau)
Lot 6, 12 Brick Street, Henderson: 3,106m2 industrial section sold for $662,700 to an owner occupier intending to build a warehouse. (Chris Upright, Bayleys Auckland)
324 Main Road, Huapai: 355m2 block of shops on high profile 1,262m2 site on corner of SH16 and Matua Road, sold for $1,000,000 at a 7.1% yield. Six retailers on varying leases. (Mark Jorgensen, Bayleys Auckland)
MANUKAU/COUNTIES
Cnr Richard Pearse Drive & Montgomeries Road, Airport Oaks: 520m2 retail building on 5,050m2 corner site, sold for $4,150,000 at an 8.9% yield. The largest tenant is a tavern on a 9-year lease until 2014, plus 5 retail outlets with current leases expiring from 2011 to 2016 and including “seconds” shops for Icebreaker and Bendon. (Robert Platt, Bayleys Auckland)
295 Ti Rakau Drive, East Tamaki: 3,630m², 2-level warehouse, showroom and office building on 6,057m² sold for $3,920,000 by mortgagee tender. It sold at a 7.8% yield on its holding income. (Scott Kirk, James Were, Mark Sun, Bayleys Auckland; John Bolton, Bayleys Manukau)
5-7 Averton Place, East Tamaki: 2,640m² warehouse and office building on 8,988m² sold vacant to a New Zealand nutrition and health manufacturing company for $2,700,000. High-stud, clearspan warehouse space with multiple roller doors and dangerous goods area, plus spare land for future development. (Katie Wu, Jane High, Bayleys Manukau)
Units 3 & 4 43 Allens Road East Tamaki: Two adjoined industrial units of 320m2 and 500m2 in a block of four sold as an investment for $1.120million. These were sold to a purchaser whose intentions were to eventually occupy one unit and retain the second as an investment with a 5 yaar existing lease. These properties were very quickly snapped up from database marketing by Katie Wu and Jane High of Bayleys East Tamaki.
Unit 5, 28 Torrens Road, East Tamaki: 150m² unit with warehousing with rear roller door access at ground level and live-in 2-bedroom apartment above, sold to an owner occupier for $352,000. (Katie Wu, Jane High, Bayleys Manukau)
6D Earl Richardson Avenue, East Tamaki: Immaculate 180m² vacant warehouse and office unit with roller door access and new sky lighting sold for $255,000. (Ash & John Bolton, Bayleys Manukau)
Unit D, 11 Andromeda Crescent, East Tamaki: Older style 87m2 warehouse and office building, close to the Highbrook Drive motorway, sold vacant to an investor for $130,000. (Rob Farmer, Ash & John Bolton, Bayleys Manukau)
Unit 20, 18 Lambie Drive, Manukau: New 101m2 high stud warehouse and office building, sold to an investor for $197,000 with vacant possession. (Ash & John Bolton, Bayleys Manukau)
41B Third View Avenue, Beachlands: 330m2 retail building occupied by Karishma Food Market sold for $799,000 at a 6% yield. The tenant’s current 4-year lease runs until December 2011, with 5x4yr RoR. Resource consent in place to build an additional 126m2 of ground-floor retail plus 114m2 of second-floor office space. (Tony Chaudhary, Bayleys Manukau)
561 Great South Road, Manukau: 1,394m² commercial building located on a high profile 4,046m2 site on the corner with Puhinui Road, sold for $3,580,000 at an 8% yield on a 18-year lease to Kidicorp Limited from September 2006. The property contains Kidicorp’s national office and an Edukids childcare facility. (Mike Adams, Michael Pleciak, Quinn Ngo, Bayleys Auckland; Mark Pittaway, Bayleys Manukau)
18 Mahia Road, Manurewa: Three separate buildings totalling 1,606m² on 2,448m² site in three titles sold for $1,335,000 at a 10% yield. Tenants, Kev & Ian’s Marine, have been in occupation for 17 years and have a new 6-year year lease until July 2015, with 2-yearly rent reviews. (Shane Snijder, Bayleys Counties)
Unit 2, 586 Great South Road, Manurewa: 225m² commercial unit, one of 8 on 6,985m² site, sold for $578,000 at a 7.6% yield on a lease to Manukau After Hours Vet Clinic. (Daryl Devereux, Bayleys North Shore)
61 St George Street, Papatoetoe: 2-level 483m2 Piggins building on 407m2 in the middle of Papatoetoe’s retail centre, sold for $980,000 at an 8.6% yield. It is has 3 retail tenants at ground level and two office tenants above. (David Young, Bayleys Auckland)
39 East Tamaki Road, Papatoetoe: 360m2 retail unit on the ground floor of 2-level commercial building with an excellent main road profile, sold for $560,000 at an 8.6% yield on a 3-year lease to well-established tenant Appliance Bazaar. (Tony Chaudhary, Bayleys Manukau)
188 Great South Road, Takanini: 538m2 modern standalone building split into two tenancies on 1,362m2 sold for $795,000 at an 8.3% yield. The tenants on short-term leases are a new weight-loss, gym workout franchise Vibra Train and Ann Marie Fashion Boutique. (Mike Ashton, Peter Migounoff, Shane Snijder, Bayleys Counties)
Cnr Great South Road & Graham Road, Takinini: 120m2 showroom unit leased to Pirtek Counties for 5 years from May 2009, with 1x5 yr RoR, sold for $290,000 at an 8.3% yield. (Mike Ashton, Bayleys Counties)
CENTRAL/LOWER NORTH ISLAND
10 Worley Place, Hamilton: 2-level basement carpark beneath the Downtown Shopping Centre on Garden Place in the centre of Hamilton’s CBD, sold for $9,000,000 to the Hamilton City Council. Previously operated under management by Wilsons Parking, the sale with vacant possession encompassed 389 carparks plus an additional 71 carparks with a 999 year lease to council at a peppercorn rent. (Brian Johns, Bayleys Auckland)
50 Church Street, Te Rapa, Hamilton: 4-year-old 340m2 office building on 1000m2 sold for $915,000 at a 9.8% yield, with leases to IT and telecommunications companies. (Blair Hutcheson, Bayleys Waikato)
11 Maui Street, Te Rapa: 1,033m² retail building on 3,425m² sold for $1,850,000 at a 9.2% yield. Weatheralll Appliances, trading as Kitchen Things, recently renewed it its lease, with final expiry of December 2016. (Andrew Shaw, Bayleys Waikato).
124 Maui Street, Te Rapa: 283m² industrial building on 715m² sold for $500,000 at an 8% yield. Two tenancies each with 3-year leases. (Andrew Shaw, Bayleys Waikato)
Matarangi Drive, Matarangi: Modern 794m² retail complex on 5,600m2 site with a large customer carpark attracted strong bidding at auction before selling for $1,260,000 at a 6.6% yield. Six tenants, mostly on 6-year leases. (Stuart Bode, Bayleys Auckland; Robert Williams, Bayleys Whitianga)
158 Elizabeth Street, Tauranga: Vacant 2,000m² commercially zoned property suitable for redevelopment on the fringe of Tauranga’s CBD sold for $1,790,000. In three titles, it was formerly home to a panel beating and engineering workshop business and is producing monthly holding income of $1,550. (Kevin Wehipeihana, Bayleys Tauranga)
104 Third Avenue, Tauranga: Car yard with 4 years of a 5-year lease to Honda franchise to run, sold for $1,250,000 at a 7.7% yield. (Kevin Wehipeihana, Bayleys Tauranga)
6/A Maleme Street, Tauranga: Vacant 385m² industrial unit in good condition sold for $470,000. (Duncan Dysart, Brendon Bradley, Bayleys Tauranga)
11 Wakefield Street, Onekawa, Napier: Large 1.2849ha industrial site sold for $1,300,000, or $101/m2. The property has a substantial frontage on to a busy arterial road through the main industrial area of Napier. (Steve Glasspole, Bayleys Hawke’s Bay)
4 Thorn Place, Onekawa: 600m² industrial building on 1,074m² corner site with three tenancies, sold for $442,000 at a yield of 8.8%. (Steve Glasspole, Bill Brown, Bayleys Hawke’s Bay)
96 Niven Street, Onekawa: Vacant 1960s’ industrial building of approximately 400m² sitting on 1,034m² sold for $265,000. (Steve Glasspole, Bill Brown, Bayleys Hawke’s Bay)
153 Corbett Road & 132 De Havilland Drive, New Plymouth: 3.6188ha bare land with 2 road frontages sold for $1,085,278. Zoned Industrial E, the property has a wide range of potential uses and is very handy to airport and major arterial routes north and south. (Alan Johnston, Robert Angus, Bayleys Taranaki)
70-74 Devon Street West, New Plymouth 1,400m² building on 710m² with vacant first floor in need of refurbishment, sold at auction for $711,000 at an 11.95% yield. (Robert Angus, Neale Parkinson, Bayleys Taranaki)
576 Tremaine Avenue, Palmerston North: Recently refurbished 4,330m² bulk retail premises with a 9-year lease to Big Save Furniture until 2018 sold for $6,250,000 at a yield of 8%. High profile 6,626m² site with 65 carparks. (Karl Cameron, Lewis Townshend, Bayleys Manawatu)
4 Conolly Place, Palmerston North: Modern 689m² clear span high-stud warehouse on 1,117m² with 9 carparks sold for $920,000 at a 7.8% yield. There is a 5-year lease from September 2008 to Northern Star Group (NZ), with 2x3yr RoR and 2-yearly rent reviews. (Lewis Townshend, Karl Cameron, Bayleys Manawatu)
WELLINGTON
1 Te Tupe Road, Paraparaumu: 1,750m² 10-pin bowling building on 5,058m² site with 62 carparks sold for $2,500,000 at an 8.8% yield. 10-year lease to Kapiti Ten Pin Bowling Ltd. (Stephen Lange, Mark Sherlock, Bayleys Wellington)
18 Northport Street, Plimmerton: 2,305m2 industrial site close to SH1 sold for $430,000 or $186/m2.(Chris Callear, Bayleys Wellington)
3 Hagley Street, Porirua: 6-level Pember House office building sold for $4,140,000 at a 9.75% yield. The 3081m² building on 984m² has various tenancies. (John McKenzie, Bayleys Wellington)
4 Serby Place, Porirua: Two adjoining shops totalling 606m² on 535m² title in Cobham Court shopping mall, sold for $620,000 at a 10.7% yield. Occupied by Indian Boutique and a $2 shop on 3-year leases. (Colin Hodge, Bayleys Wellington)
7 Moorfield Road, Johnsonville: 110m² restaurant building on 559m² site with 16 carparks, sold with vacant possession for $820,000. (John McKenzie, Bayleys Wellington)
25-27 Rutherford Street, Lower Hutt: 790m² 1960s’ built retail showroom, refurbished in 2003, on 1,062m² site with 8 carparks, sold vacant for $1,035,000. (Paul Cudby, Richard Faisandier, Bayleys Wellington)
94-98 Nelson Street, Lower Hutt: 1,115m² of bare freehold land in Petone’s central industrial precinct sold for $702,000 or $630/m². It comprises three equal size lots with General Business zoning. (Fraser Press, Andrew Smith, Bayleys Wellington)
529 High Street, Lower Hutt: 180m² 2-level retail and residential building constructed in the 1960s on102m² sold for $467,000 at a 6.4% yield. Burger Fuel has a 5-year lease on ground floor, with 5x3yr RoR, while the Burger Fuel franchisee has a 6-month lease on upstairs apartment and office space. (Paul Cudby, Andrew Smith, Bayleys Wellington)
Unit 17, 16 Jamaica Drive, Grenada North: 2-year-old 160m² industrial unit, with 2 carparks, sold vacant for $350,000. (John McKenzie, Bayleys Wellington)
9-15 Glover Street, Ngauranga: 1750m² 1980s’-built vacant industrial building on 2,274m² sold for $1,300,000, (Chris Callear, Fraser Press, Grant Young, Bayleys Wellington)
Level 3, 11 Chews Lane, Wellington: New 235m² unit title office floor in award-winning CBD mixed-use development sold vacant for $730,000. (Fraser Press, Chris Callear, Bayleys Wellington)
128 Tory Street, Te Aro: Two interconnected character buildings totalling 664m² on 326m² sold for $1,825,000 at an 8.9% yield. There is a mix of commercial and residential tenants with additional income from billboard sign. (James Higgie, Grant Young, Bayleys Wellington)
94 Dixon Street, Wellington: 1980s’ built 201m² ground-floor strata title retail unit with carpark sold vacant for $325,000. (Jim Wana, Lee Cunningham, Bayleys Wellington)
85 Tasman Street, Mt Cook, Wellington: 1970s’ building, with 450m² high-stud warehouse and 250m² of offices and amenities over two levels sold vacant for $1,300,000. Land area 783m². (Colin Hodge, Bayleys Wellington)
3 Arney Street, Newtown: 552m² 20-year warehouse with amenities on 628m² sold vacant to an owner occupier for $965,000. (Colin Hodge, Bayleys Wellington)
Units K&L, 177 Rongotai Road, Rongatai: 217m² of 25-year-old warehouse space with mezzanine offices and two carparks sold vacant for $340,000 to owner occupier. (Colin Hodge, Bayleys Wellington)
SOUTH ISLAND
194 Oxford Terrace, Chrischurch: 183 carparks held on seven titles over three floors of Farmers carpark building sold for $4,218,871 at 7.2% yield. Wilsons Parking has management contract and 4-year lease from May 2008, with 2x3yr RoR. Current net rent of $302,320pa set to increase by $40,000 over next 2 years and to CPI annually from renewal, if exercised. (Blair Young, Bayleys Canterbury)
2 Kenaway Road, Woolston: 822m2 warehouse and office building on high profile 4,250m2 corner site with large sealed yard sold for $863,000 at an 8.3% yield on a 2-year lease to Mana Transport Holding Ltd. (David Tudehope, Bayleys Canterbury)
35-43 Vancouver Drive, Queenstown: 2,964m² of vacant land zoned Queenstown High Density put up for mortgagee sale sold for $1,100,000 or $371/m², with resource consent for 13 apartments. (Barry Robertson, Bayleys Queenstown; Michael Pleciak, Ryan Dixon, Bayleys Auckland)
