Around the block: Manukau McDonalds

A McDonald's restaurant building in Clendon, Manukau, was the subject of Colliers' latest auction success with the property selling for $2.8 million at a yield of 6.48 per cent. The property, on the corner of Roscommon Rd and Robert Ross Place, was marketed by John Davies and Hamish West and is leased to McDonald's on a 10-year lease with three six year rights of renewal. It was sold to the tenant after nine bids from the 40 people in attendance.

Rotorua industrial unit

Bill Wilson of Bayleys Rotorua has sold Unit 1 at 79 Wahanga-A-Rangi Crescent, Rotorua, for $300,000 at a 7.6 per cent yield. The 149sq m industrial unit is leased to a state-owned enterprise for three years with three three-year rights of renewal.

Smart buy on Shore

A 3373sq m office and warehouse building on a 9472sq m site at 182-190 Wairau Rd, Wairau Valley, has been sold for $5.2 million plus GST by Ranjan Unka, Greg Healey and Daryl Devereux of Bayleys North Shore. It was sold at an 8.9 per cent yield with a new seven-year lease to Smartpay Cadmus, with two rights of renewal of three years each. The property has 1930sq m of office space, 473sq m of warehouse and factory area, a 969sq m workshop and 77 carparks.

Westgate retail outlets

Two retail outlets in the Westgate Shopping Centre in West Auckland have sold post auction. The 100sq m Chic outlet and the neighbouring 148sq m E-Thing store have sold to one investor for $1,030,000 at a 7.1 per cent yield on their combined rental income. The sale was negotiated by Brian Caldwell of Bayleys North Shore in conjunction with James Chan and Stuart Bode of Bayleys Auckland. Both units have six-year leases expiring October 2012 with a vendor guarantee. Should the tenant not renew, the vendor will pay the contract rental for three years after that or until a tenant is obtained at not less than that rental.