Character property sold for $3.6 million

Reef House. Photo / Supplied

Reef House, a high profile character property at 84-86 Symonds St, has been sold for $3.6 million by Michael Greer of Barfoot & Thompson Commercial - going unconditional well before the deadline private treaty closure date of May 31.

"This is very rare in these times," says Greer who sold the two connected office buildings at an 8.4 per cent yield on behalf of vendor Reef Properties to a private couple who are interested in investing in older buildings.

The buildings comprise 964.55sq m of lettable area, along with 24 open carpark spaces. Four tenants provide a net income of $304,000 per annum including the onsite cafe tenant. The original two-level building at 84 Symonds St was constructed in 1927 with an additional level and annex to No 86 built in 1937. The building at 86 Symonds St is a Neo-Georgian style building built over three levels.

Greer says the character office accommodation has been sympathetically refurbished over the years with the original fittings retained. There are numerous original fireplaces throughout the office spaces and the building has an art deco flavour with stunning light fixtures and impressive ceilings. Polished timber flooring is dominant through 84 Symonds St, with 86 Symonds St having the majority of its floor area carpeted.

The property has a roof deck and balcony where a barbecue can be used. A basement level has been converted from garage storage to cafe space.

Greer also leased three car yards in May over a two week period to existing car dealers expanding their businesses on current car retail sites.

At 6 Mountwell Crescent, Panmure, Greer leased a 1100sq m car yard with 60 car spaces to Ace Motors for one year with rights of renewal at $52,500 net per annum. A 787sq m site with a 400sq m showroom and 45 car spaces at 396 Great South Rd, Greenlane was leased to Collins Autos for two years with rights of renewal at $80,000 net per annum; and Unit H at 535 Ellerslie Panmure Highway, comprising a 250sq m unit with 15 car spaces, was leased to AC Wholesale for one year with rights of renewal at $33,000 net per annum.