Two Albany properties were sold under the hammer by NAI Harcourts in their North Shore auction rooms in Mairangi Bay last Thursday.
13D Douglas Alexander Parade, in Albany’s Rosedale Industrial Estate, was sold for $851,000 returning over a 7.5% yield for the new investor. The property has a new three year lease to Zodiac New Zealand Ltd and is further secured by a HSBC Bank Guarantee. Previously occupied by Cedar Corp Canada Ltd, this 618m2 building has a low 17% office warehouse ratio and a large yard area attached. Zodiac quickly secured the property when it became vacant.
Another property at 186 Bush Road property in Rosedale, Albany was sold for $1,375,000 showing a return of 7.0%. Located on a road frontage position along Bush Rd, this 640m2 freehold, standalone industrial building has a split income stream from two tenants; Biorad Laboratories Ltd and Albany Autokraft Ltd.
NAI Harcourts agent Tim Tuner, selling agent for both properties, says “demand for investments of this type in this price bracket remains very strong, and there remains a shortage of supply. The properties were hotly contested and a comprehensive marketing campaign will sell properties of this nature very quickly, as seen last week.”
Address: 189 Bush Rd, Albany
- Tenure: Freehold site of 1250m2
- Net Income: $96,776 net p.a.
- Weighted average lease term: 1.5yrs
- Building area: 640.12m2
Address: Unit D, 13 Douglas Alexander Parade, Albany
- Net Income: $65,000 net p.a.
- Building area: 618.03m2
- External Yard (1/2AU11): 1/3 of 825m2