The developer of the Park Mega Centre in Hastings (pictured above), Advance Properties Group Ltd (Gordon Johnstone & Warren Ladbrook), has sold 4 of the centre’s 8 large format stores for $21 million through Bayleys.
2 years ago they sold the Warehouse property in the centre for $17.5 million.
Briscoes & Rebel Sport are the anchor tenants in the buildings sold this time. The rest of the space in the sale is occupied by The Clearance Shed, Pet Stock & Noel Leeming.
In Tauranga, a site occupied by the vacant Durham Motor Inn, which can be redeveloped up to a height of 49m, has also been sold by Bayleys.
South of the Bombays
Bay of Plenty
60 Harrington St:
Features: 2755m² site with 4 road frontages, 1160m² 20-unit motel complex & 148m² office building; city centre zoning provides redevelopment options with a maximum building height of 49m
Outcome: sold for $8.025 million + gst with vacant possession
Agents: Brendon & Lynn Bradley
536-612 Karamu Rd North:
Features: 9359m² site in Park Mega Centre (plus share of common parking & vehicle access areas), 4 modern bulk retail buildings totalling 7557m² on separate freehold titles; Briscoes/Rebel Sports is the anchor tenant occupying net lettable area of 3848m² on 9-year lease, other occupants are The Clearance Shed on an initial 13-year lease, Pet Stock on 7 years & Noel Leeming on 6 years
Rent: $1,359,100/year net + gst
Outcome: sold for $21 million + gst at a 6.47% yield
Agents: Sunil Bhana, Mike Houlker, Rollo Vavasour & Mark Hourigan
Attribution: Agency release.