Property For Industry Ltd will take a 1ha Albany Village property to market through Colliers today, after holding it since August 2007.
The landholding – 1.04ha, a net lettable area of 6736.5m² & 123 parking spaces – has a mainstreet address, 229 Dairy Flat Highway, though on the map it sits on the backstreet Kell Drive.
The 5 tenants include Massey University’s School of Engineering, the Quest Albany hotel & Auckland Council’s Albany Village library.
Colliers agents Shoneet Chand & Matt Prentice said the property was returning a net $1,898,224/year + gst and had a 10-year weighted average lease term. It’s zoned business – local centre, and has capacity for further development.
PFI had the property on its books with a value of $28 million in its 2018 annual report, which put a relatively high 6.8% yield on it.
Colliers is taking the property to market through a deadline private treaty process closing on Tuesday 27 August.
Attribution: Agency release.