Box 112 plans to redevelop the building to accommodate several occupiers. Lyttle says it's excellent for medical-related tenants and companies wanting a superior seismic-strengthened building. "These could include government departments, IT companies providing data storage; and other organisations requiring minimal disruption to their operations following a major earthquake."
Box 112, an investment partnership based in Christchurch, has undertaken a number of local building projects including the refurbishment of the Midland and Public Trust Buildings on Oxford Tce, the Peter Bevan building on the corner of Manchester and High Sts and several buildings in Welles and St Asaph Sts which are being repurposed for 'finer-grain' businesses.
Penrose Heavy Industry
A 5623sq m site zoned Heavy Industry, at 9 Prescott St, Penrose, with 4684sq m of warehouse and office space sold for $9,175,000 at a 7.04 per cent yield through Greg Hall and James Hill of Bayleys' industrial.
Albany Omega buildings
Two modern office buildings totalling 1952sq m on a 4129sq m site with 87 car parks at 5-7 Omega St, Albany, sold for $7.8m at a 6.28 per cent yield to a syndicate of investors through Brian Caldwell, Bayleys North Shore Commercial and Derek Wallwork, Omega Commercial. The property is fully leased to two technology companies.
Papakura multi-tenanted
A multi-tenanted office and warehouse property at 64 Boundary Rd, Papakura, has sold for $6.55m, at a yield of 6.5 per cent. The 8858sq m property comprises newly-built and recently refurbished buildings, with a total area of 2416sq m. The transaction was brokered by Joshua Franklin and Jolyon Thomson of Colliers International.
Hamilton Central property
A commercial investment property at 903-919 Victoria St, Hamilton Central, has sold for $4.9m. The sale of the two-level retail and office building with ecure car parking on a 1443sq m combined freehold site was brokered by David Palmer and Justin Oliver of Colliers Hamilton.
Wellington Willis St offices
A 2291sq m five-level office building with a seismic rating of 88 per cent of new building standard (NBS) on a 526sq m site at 204 Willis St, Wellington, has sold with vacant possession for $4.5m through Luke Kershaw, Bayleys Wellington.
Palmerston North commercial
A multi-tenanted commercial property at 931 Tremaine Ave, Palmerston North, has sold for $4.45m, at a yield of 7.61 per cent. The sale of the 4354sq m retail and industrial complex on an 8243sq m freehold site was brokered by Colliers' Phil Nevill, Doug Russell and Grant Lloyd.
Glen Eden Town Centre
A 361sq m mostly vacant two-level commercial building on a 448sq m corner site zoned Town Centre at 190 West Coast Rd, Glen Eden, was sold for $1,165,000 by Bayleys' Tony Chaudhary, Janak Darji and Amy Weng.
Morningside warehouse
An Auckland city fringe warehouse on a 1815sq m site at 9 Gordon Rd, Morningside, has sold by deadline private treaty for $4.84m at a 5.33 per cent yield. The transaction was brokered by Jonathan Lynch, Dhiru Patel and Shoneet Chand of Colliers.
Albany buildings
Two modern office buildings totalling 1952sq m on a 4129sq m site with 87 car parks at 5-7 Omega St, Albany, sold for $7.8m at a 6.28 per cent yield to a syndicate of investors through Brian Caldwell, Bayleys North Shore Commercial and Derek Wallwork, Omega Commercial. The property is fully leased to two technology companies.
