Published 15 March 2012
Bob Dey report
Shopping strips at Browns Bay & Huapai were sold under the hammer on sub-7% yields at a Colliers International auction today.
The 8 shops at Clyde Court in Browns Bay were sold on a 6.4% yield and the 7 at Huapai on a 6.4% yield.
The warehouse in the North Harbour Industrial, tenanted by Waiwera Water Ltd (now Siesta Holdings Ltd) was sold on a 7.65% yield.
Browns Bay, Clyde Court, 94 Clyde Rd, shops 1-8, 944m² corner site on 2 titles, 9 tenants returning net $166,840, sold to a private investor for $2.615 million at a 6.4% yield (Deborah Dowling & Euan Stratton)
North Harbour Industrial Estate, 10-12 Tarndale Grove, 1518m² building, 16% office, on 3179m² site, 46% coverage, high-stud clearspan warehouse, dual rollerdoor access, 20 parking spaces, returning $183,523/year net on lease expiring 2017, sold for $2.4 million at a 7.65% yield but owner occupancy likely (Shoneet Chand & Matt Prentice)
Huapai, 302-312 Main Rd, 2154m² with 28% site coverage, 7 tenants returning $166,000/year, sold for $2.41 million at a 6.9% yield (John Davies & Shoneet Chand)