Property for Industry Ltd settled the disposal of an industrial property at 50 Parkside Rd at Gracefield in Wellington on Wednesday. The company announced the sale in December, to a private investor for a gross $3.4 million, and Bayleys gave details of the transaction in its roundup this week of December deals.
The sale was at a 10% yield on rent of $340,000/year net + gst. The 10,540m² corner site & its 4500m² industrial building are leased to Waste Management NZ Ltd.
In its portfolio update last month, PFI said it leased over 82,000m² (11% of the portfolio) to 22 tenants – 17 renewals averaging 5.7 years, 5 new tenants averaging 8.9 years, overall average new term 6.1 years.
The company also expected to conclude documentation last month of a 6-year lease over 2229m² at its Carlaw Park property in Parnell, representing 60% of the vacant space at the property.
PFI will issue its annual result on Monday 18 February.
Attribution: Company releases.