Biggest deal for Palmy this year
It’s the biggest deal of the year for Palmerston North.
A Rangitikei iwi investment group has purchased a large-format retail block in Palmerston North for $9.6 million.
The rental generates $900,000 a year, giving a yield of 8.9%.
The retail centre, on Rangitikei St in the centre of town, is occupied by Dick Smith and Harvey Norman.
The deal was negotiated by Grant Lloyd from Colliers International’s Palmerston North office.