Bayleys agents have sold Lion Breweries’ former head office building in Newmarket (more recently known as BUPA House, pictured), a Symonds St retail unit and a commercial unit on The Strand.
105 Symonds St, unit 5:
Features: 69.5m2 retail unit occupied by Portuguese bakery on 6-year lease, 3 3-year rights of renewal
Rent: $50,388/year net + gst with 2% annual increases
Outcome: sold for $790,000 at a 6.38% yield
Agents: Millie Liang & Quinn Ngo
5 Kingdon St:
Features: 1191m2 site zoned metropolitan centre, 4712m2 10-level commercial building constructed in the mid-1980s as Lion Breweries’ head office; 6 office levels, ground-floor restaurant, parking for 72 cars over 3 levels accessed off Suiter St; fully leased to 7 tenants & four sub-tenants, weighted average lease term close to 3 years
Rent: $1,485,570/year net + gst
Outcome: sold for $19.75 million at a 7.52% yield to a developer planning to retrofit the building & upgrade office accommodation
Agent: Layne Harwood
77 The Strand, unit D:
Features: 63m2 ground-floor premises in 2-level multi-unit complex, 2 parking spaces; polished concrete floor & high stud with self-contained bathroom
Outcome: sold vacant for $483,000
Agents: Scott Kirk & James Were
Attribution: Agency release.