A Warehouse store in the Bay of Islands has been sold through Bayleys at an 8% yield.
Kerikeri – Waipapa
8 Klinac Lane:
Features: 1.4016ha site in retail precinct off State Highway 10, 4496m² building purpose-built for The Warehouse in 2004, includes a garden centre & administrative offices; ample customer parking with a portion of the landholding undeveloped; 6-year lease from August 2017, 2 3-year rights of renewal
Rent: $405,991/year net + gst
Outcome: sold for $5,070,489 at an 8% yield
Agents: Peter Gorton, Steven McNally & Mike Houlker
Attribution: Agency release.