Commercial Property in Demand

Parnell, 8 Cleveland Rd:

Features: 767m² site, 1301m² lettable area in mixed-use zone, office & showroom with 32 basement parking spaces, 3 tenants

Outgoings: rates $31,340/year including gst

Rent: $324,000 + gst/year

Outcome: sold for $4.24 million at 7.6% yield

North Harbour, 3 Henry Rose Place, unit L:

Features: 140m² office, 130m² warehouse, 15m² mezzanine, 7 parking spaces, occupied by Treescape Ltd on 6-year term from December 2011 with 2 3-year rights of renewal

Rent: $38,000 + gst/year

Outcome: sold for $510,000 at 7.45% yield

Mid City Plaza, 239 Queen St, unit G24:

Features: 64m², Mid City shop with street frontage

Outgoings: rates $21,676 + gst/year; body corp levy $19,866 + gst/year paid by tenant

Rent: $162,000 + gst/year on 10-year lease term from 2005, with one further right of renewal to 2019

Outcome: sold for $2.475 million at 6.55% yield

Bob Dey

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