Bayleys has sold a 4071sq m six-year-old Countdown supermarket, on a 1.298ha site at 323 Andersons Bay Rd, South Dunedin, on behalf of Investore Property Ltd, for $19.328,000 at a 6.26 per cent yield. The sale was brokered by Sunil Bhana, Mike Houlker, Auckland; Robin Hyndman, Dunedin and Jim McKinlay, Tauranga. With 62m of frontage to SH1, the property has an initial 20-year lease, from December 2012, to General Distributors, plus 40 years of renewal rights.
Riverhead site
A 4663sq m site in five separate freehold titles at 1064-1068 Coatesville-Riverhead Highway, zoned Business Mixed Use, has been sold to a developer for $4.957, 000 at $1063 per sq m by Mike Adams, Bayleys Auckland.
Mount retail
The premium Mount Central retail development at 233 Maunganui Rd, has sold for $16m, representing a yield of 4.9 per cent. The property comprises nine single-level retail tenancies and 52 on-site car parks on a high-profile corner at the gateway to The Mount's main shopping strip. The sale was transacted by Duncan Woodhouse, Simon Clark and Mat Gibbard of Colliers.
Christchurch gas stations
An Aucklander has spent $8.6m buying the land and buildings of two Christchurch service stations at the latest Colliers' auction. Interest was keen in the sale-and-leaseback of the two large Caltex stations — at Russley Rd and Rangiora. In lively bidding, Russley Rd sold for $5.3m and Rangiora fetched $3,335,000. The sites are owned by Z Energy 2015 Ltd, a subsidiary of the parent listed company, Z Energy Ltd (ZEL). The stations were marketed by Mark Macauley and Will Franks from Colliers' in Christchurch.
Taupo hospitality outlets
Two hospitality properties overlooking the lake in central Taupo have been sold by Bayleys' Brendan Gallagher for a total of $3.86m at a Total Property auction. A 471sq m bar and restaurant on a 372sq m site, cnr Lake Terrace and Roberts St sold for $2.05m at a 4.88 per cent yield, on a five-year lease to Pub'N Grub, from April 2015. A nearby 441sq m building on a 362sq m corner site, with future development potential, sold for $1.81m at a 5.45 per cent yield. It is fully leased to the Waterside Restaurant and Taupo Rod & Tackle.
Hamilton development site
A 16.17ha development site in Hamilton, with residential zoning and elevated views, has sold for $7.8m. The sale of 256 Brymer Rd was brokered by Colliers' Hamilton director Alan Pracy.
PMG buys Centre
The Kiwibank Centre in Hamilton CBD has sold for around $8m to Tauranga-based property fund manager and syndicator Property Managers Group. The multi-tenanted, 1912sq m office and retail building is on a prime corner site at 410 Victoria St and 12 Alma St. The deal was brokered by John Hagar and Alan Pracy of Colliers' Hamilton.
Bethlehem complex
The four-year-old 953sq m Ridge Plaza retail complex on a 2,088sq m corner site with 21 carparks at 2 Jude Place, Bethlehem, sold for $3.05m at a 5.1 per cent yield at a Bayleys' Total Property auction through Brendon, Lynn and Ryan Bradley, Bayleys Tauranga. It is fully leased to six tenants.
Testing station
A 640sq m vehicle testing station on a 1330sq m site at 39 Seaview Rd, Lower Hutt, sold at a Total Property auction for $2.25m at a 7.01 per cent yield through Fraser Press, Bayleys Wellington. There is an 11-year lease to VTNZ from April 2011, with no renewal right.
