A 30-year-old City Rd building, across the street from the Langham Hotel, has been sold on a 7.9% yield by Colliers agents.
Colliers in Tauranga has sold a vacant lot in the Tauriko industrial estate for what they said was a record-breaking $475/m². In October, the agency reported a land sale at $370/m².
7 City Rd:
Features: 6608m² site, 6662m² net lettable area, 16-level commercial office building, 2-level podium, 134 secure parking spaces on 4 levels
Rent: $1,812,650/year net + gst
Outcome: sold for $23 million at a 7.9% yield
Agents: Jonathan Lynch & Tony Allsop
South of the Bombays
32 Paraone Koikoi Drive, lot 223:
Features: 3740m², vacant lot
Outcome: sold for the asking price of $1,776,500 at $475/m²
Agents: Rachel Emmerson & Simon Clark
Attribution: Agency releases.