The yields on a string of commercial property sales completed recently by Colliers International and Knight Frank ranged from 4.3% on a Christchurch warehouse to 9% for a workshop on a large industrial site in Palmerston North.
The cheapest property sold was a small vacant warehouse/office in Christchurch which went for $590,000, while 2841 square metres of vacant office space over four levels, which is destined to be converted to apartments in Auckland’s CBD fringe, went for $6.3 million.
See below for the summary of sales results.
Recent sales by Colliers International:
- Bisley St, Palmerston North. An 8000 square metre industrial site, which included an 1800 square metre workshop. Sold for $2.9 million, providing a yield of 9%. The agents were Grant Lloyd, Phil Nevill, and Doug Russell.
- Lot 3, 52 Parkway Drive, Mairangi Bay, North Shore. A vacant, freehold 7287 square metre site. Sold for $3.26 million. The agents were Shoneet Chand and Matt Prentice.
- 9a Hopetoun St, Auckland CBD fringe. Four levels of vacant office space covering 2841 square metres, which is to be converted to residential use. Sold for $6.3 million. The agents were Tim Lichtenstein and Tony Allsop.
- 11 Wigram Close, Sockburn, Christchurch.A warehouse/office with a net lettable area of 2230 square metres. Sold pre-auction for $4 million, providing a yield of 6.5%. The agents were Christian Kellar and Sam Staite.
Recent Sales by Knight Frank Christchurch:
55 Kennaway Rd, Portlink Industrial Park, Chrtistchurch. An 1120 square metre warehouse on a 2431 square metre site. Sold for $2.25 million, providing a passing yield of 4.3%. The agents were Campbell Taylor and Myles Addington.
Unit 10, 2 William Lewis Drive, Sockburn, Christchurch. A vacant 211 square metre warehouse with 70 square metre office. Sold for $590,000. The agent was Campbell Taylor.
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