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Latest commercial property sales and leasing

NBR NZ Property Investor
Fri, 10 Oct 2014

LEASES

Wellington 

Where: Ground floor, 32 Hania St, Te Aro 

Details: Arjo Huntleigh Ltd leased an industrial warehouse (office 50m2, warehouse 200m2; two carparks) for $35,000 a year gross, with rent reviews on renewal, 3x2 ROR, lease maturity notification six months.

Agent: Mark Walker, Bayleys Capital Commercial

 

Where: 114 – 118 Lambton Quay

Details: Lexel Systems Ltd leased 25m2 commercial offcies for $10,500 a year gross ($420/m2).

Agent: Luke Kershaw, Bayleys Capital Commercial

 

Where: 26 Torrens Terrace

Details: Galatea Holdings Car park Ltd leased a 100m2 shop for $30,000 a year for three years, with 1x3 ROR to Wanfang Group Ltd ($300/m2).

Agent: Mark Walker, Bayleys Capital Commercial

 

Where: Level 6, 57-59 Courtenay Place

Details: The Colonial Motor Company leased 586m2 commercial offices for $192,700 gross a year, with five carparks at $65 each a week for nine years from January 2015, with 2x3 ROR with three yearly rent reviews and six months lease notification.

Agent: Luke Frecklington, Bayleys Capital Commercial

 

Where: 25 Prosser St, Porirua

Details: Safety n Action Ltd leased an industrial warehouse (725.50m2 offices, 255.57m2 warehouse: 441.73m2 mezzanine: 28.20m2; 12 carparks ) for eight years for $86,928 a year ($120/m2) with rent reviews in the fourth year then two yearly.

Agent: Jon Pottinger, Bayleys Capital Commercial

 

Where: 5 Parumoana St, Porirua

Details: 24/7 Fitness Ltd leased a 540m2 building/warehouse/gym plus share of 40 carparks gross for $100,000 a year ($155/m2). The company is to complete its own fitout in return for six months rent-free. The six-year lease comes with 1x6 ROR, final term expiry November 2026, two yearly rent reviews, six months lease maturity notification. 

 

Agent: Jon Pottinger, Bayleys Capital Commercial


SALES

Auckland

Where: 20D Hannigan Dr, St Johns

Details: A 242m2 warehouse with 100m2 offices sold for $592,000 on a 4.8% yield. 

Agent: Michelle Kennard, Knight Frank South Auckland

Wellington

Where: Unit 1, 40 Bloomfield Terrace, Lower Hutt

Details: Jon Beere bought the former Toy World premises (418.96m2 office (vacant) and 427.67m2 showroom) to be used as dental surgery for $1,175,000. It has a commercial retail/office zoning. Avanti Plus remains in the other tenancy ($234/m2 rental, $104,696 a year, six-year olease from April 2013, two yearly rent reviews, 2x3 ROR, lease maturity notification six months

Agent: Andrew Smith/John Pritchard, Bayleys Capital Commercial

 

Where:- 273 Tinakori Rd, Thorndon

Details: The Flick Trust sold a two-level mixed commercial and residential building by tender for $875,000 to RM Longman. The property is tenanted by So You Hairdressing Ltd on an eight year term for $41,600 a year starting August 2010, with 1x4 ROR, final term expiry August 2022, lease maturity notification six months.

Agents: James Higgie/Mark Walker, Bayleys Capital Commercial

 

Where: 5 Hoffs Place, Porirua

Details: Chris Warren bought a vacant industrial warehouse (494m2 lettable area; 835m2 land) for $600,000.

Agent: Fraser Press, Bayleys Capital Commercial

Where: 119a Port Rd, Seaview, Lower Hutt

Details: Total Access Ltd bought a vacant industrial warehouse (80m2 offices, 560m2 warehouse, 770m2 yard) by private treaty.

Agent: Paul Cudby/Richard Faisandier, Bayleys Capital Commercial

 

Where:-121 Port Rd, Seaview, Lower Hutt

Details: Total Access Ltd bought a vacant industrial warehouse leasehold interest (70m2 offices, 400m2 warehouse, 205m2 showroom, 1670m2 yard; six carparks) by private treaty for $183,000.

Agent: Paul Cudby/Richard Faisandier, Bayleys Capital Commercial

 

Where: 2/14 Petone Avenue, Petone, Lower Hutt

Details: Kapiti U lock & Store bought for $290,000 on a 9.9% yield a small 270m2 industrial warehouse (tenanted by Apparel Master Wellington on a four-year lease starting February 2013 for $37,500 a year; with final term expiry: January 2025; rent reviews on renewal; ROR: 2 x 4; lease maturity notification: 12 months).

Agents: Matt Gibbs, John Pritchard, Bayleys Capital Commercial

Where: Level 2, Panama House, 22 Panama St 

Details: Ozven Zdunic bought Level 2 (176m2) of a well-maintained vacant leasehold eight-story building in a great CBD location in an off-market transaction for $160,000. The very tidy commercial office floor has a good existing fitout. Cap rate was 8.775%.

Agent: Luke Kershaw, Bayleys Capital Commercial

 

Where : 215 Main Highway, Otaki

Details: A trust bought a modern-style single level retail 540m2 building comprising four tenancies and an ATM machine located on a prime corner site with $152,000 rental a year within Otaki Railway Precinct for $1,380,000. The tenants are Pagani Clothing (175m2 for two years, with 2x1 ROR from February 2013 for $45,000 a year); Katie Brown Glass (102m2 for one year from March, with 2x1 ROR for $37,000 a year; Planet Retro 76m2 two years from February 2012, with 1x2 ROR for $17,000 a year; Kumpfs Shoes (Ziera) 187m2 for three years starting December 2012, with 1x3 ROR for $45,000 a year; and BNZ ATM machine (six years starting January 2013, $8000 a year).

NBR NZ Property Investor
Fri, 10 Oct 2014
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Latest commercial property sales and leasing
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