Bayleys agents in Tauranga have sold 4 commercial properties for a total $25 million.
A central office achieved a sub-4% yield and a purpose-built medical centre went for an even 5% yield.
A neighbourhood shopping centre achieved a yield just over 6%, while the fourth property, with some vacancy, scored the highest sale price, $12.6 million.
South of the Bombays
Bay of Plenty
26 12th Avenue:
Features: 896m² mixed use site, 210m² office, 6 parking spaces
Rent: $40,000/year net + gst
Outcome: sold for $1.02 million at a 3.92% yield
Agent: Ryan Bradley
1-19 Devonport Rd:
Features: Refurbished 2510m² retail/office premises, 1787m² corner site, 5 fully leased office tenancies on upper levels, 8 ground floor retail tenancies; 4 ground floor vacancies
Rent: $570,183/year net + gst from 9 tenancies
Outcome: sold for $12.6 million
Agents: Brendon Bradley, Lynn Bradley & Ryan Bradley
25 Park St:
Features: 961m² purpose-built eye treatment medical centre, A-grade seismic assessment, 2254m² city living- mixed use site, 34 parking spaces, long leases to 2 ophthalmology businesses
Rent: $420,000/year net + gst
Outcome: $8.4 million at a 5% yield
Agent: Brendon Bradley
Maungatapu Shopping Centre, 285 Maungatapu Rd:
Features: 961m² shopping centre, 9 retail units, 100% occupancy, 3108m² site, 20 parking spaces
Rent: $182,667/year net + gst
Outcome: sold for $3 million at a 6.09% yield
Agent: Jim McKinlay
Attribution: Agency release.