Wide price spread in recent commercial property sales by Colliers in Auckland and Bayleys in Hamilton

The Westpac building on Corinthian Drive was sold by DNZ for $15.15 million and will be syndicated by Oyster Group.

Recent commercial property sales from Colliers International ranged in price from $1.475 million for a mixed use building on the edge of Auckland’s CBD to $15.15 million for a substantial office building on Corinthian Drive in Albany.

The latter was divested by DNZ Property Fund as it rebalances its portfolio ahead of the completion of its NorthWest Shopping Centre development.

The Corinthian Drive building, which has Westpac is its major tenant, has been picked up by Oyster Group which intends syndicating it.

The syndicate will be restricted to qualifying investors only and will have just 11 investor interests of $750,000 each. It is forecast to provide a cash return of 8.1% and will be sold down through Colliers’ syndication team.

Bayleys’ Hamilton office has also had success with a number of commercial properties it took to auction this week.

Prices ranged from $270,000 for a retail shop in Putaruru to $1.925 million for a big box retail outlet leased to RD1 at Kopu.

See below for the full results from Colliers and Bayleys Hamilton:

 

Recent Commercial Property Sales by Colliers International:

  • 452-456 Lake Rd, Takapuna. A 369 square metre retail premises leased to Heartland Bank. Sold to and Hong Kong-based investment company for $2.3 million, providing a yield of 5.44%. The agents were Mark Brunton and Euan Stratton.
  • 38 Airedale St, CBD. A two level, mixed use building on a 230 square metre site. Sold for $1.475 million. The agent was Adam White.
  • 22.McColl St, Newmarket. A vacant, two level, 600 square metre warehouse conversion, with a garage and loading dock. Sold to a private investor for $2.6 million. The agents were Jonathan Lynch and Nick Healy.
  • 51 Corinthian Drive, Albany. A 3424 square metre office building with Westpac as its major tenant, and net passing income of $1.1 million. Sold for $15.15 million. The agents were Jason Seymour, Andrew Reed and Shoneet Chand. The vendor was DNZ Property Fund, as part of a portfolio rebalancing as it invests into it NorthWest Shopping Centre project. The property was acquired by Oyster Group which intends syndicating it to qualifying investors with a minimum individual investment requirement of $750,000. It is anticipated the syndicate will provide an initial cash return to investors of 8.1%.The syndication will also be sold down through Colliers.

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