RECENT DEALS for November 28

The Novotel Queenstown Lake Hotel sold for more than $90 million.

Record hotel transaction

The 273 room Novotel Queenstown Lakeside Hotel has been sold for more than $90 million - the largest single hotel transaction completed in New Zealand since 2006. Dean Humphries, national director of hotels for Colliers International, who acted as a co-adviser in the transaction, says the hotel was purchased by an established New Zealand hotel investor.

Big Parnell sales for Whillans

Henry Thompson of Whillans Realty Group has sold two Parnell properties totalling nearly $20 million. Thompson sold 272 Parnell Road for $11.25 million, representing a 7 per cent yield. Anchored by the International Arts Centre, the high profile corner building has a 2924 sq m net lettable area across four levels of office, ground floor retail and a lower basement level with 28 car parks. Thompson also sold 86 Parnell Rd for $8.625 million and a 7.46 per cent yield. Extensively refurbished with an Initial Evaluation Procedure (IEP) seismic rating of 100 per cent, the fully leased property earns $643,456 in annual rent and encompasses 1821 sq m of net lettable area across four levels of office and two ground floor retail units.

$15 million Albany block

A 12,340 sq m block of development land at 10 Don McKinnon Drive in the Albany Centre has been sold for $15 million at $1215.56 per sq m by Eddie Zhong, Michael Block and Damian Stephen of Bayleys North Shore Commercial. Located opposite the Westfield Shopping Centre and next to the Rose Garden apartment development, the site has a Business 11C (Residential focus) zoning which allows for convenience retail usages, age care facilities and high density residential development. Zhong says the local company that has purchased the property has also acquired an adjoining 4109 sq m site with resource consent for a Mixed Use development which will commence shortly.