x3 HB industrial props sell for $136 million in 5 months | Stuff

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Three Hawke’s Bay industrial properties sell for $136 million in 5 months

Turley & Co commentary …

The sale of three industrial properties in Hastings in the past five months, for a total of $135.9 million, shows there is strength in the Hawke’s Bay economy, says a real estate expert.

Sales of industrial property for more than $24.5m were unusual “and especially so three in five months”, said Turley & Co valuer and property strategist Pat Turley​.

“On average they sold 40 points below a 5.0% return, a value benchmark similar to any large centre in New Zealand,” said Turley.

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