Farmers Department Store + TSB Bank $27m sale

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Farmers Department Store + TSB Bank $27m sale at 5.45%

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Hawke’s Bay commercial-industrial property values have continued to display strong growth.  Investment yields have trended down to all-time lows with coinciding higher property asset values.

In December the $26.95m sale by Bayleys for the ˜6,700 m2 retail property at 244 Heretaunga St West (with three street frontages), was purchased by PMG Property Funds Management at 5.45% yield.

The property is predominately occupied by Farmers with 11 years lease remaining.  TSB occupies the balance.

Refer to Team Turley & Co for more information.

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