Fully-tenanted Frankton Village site sells

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This high-profile fully-tenanted Frankton Village building has sold at auction to a local investor for an undisclosed price. 

The vendor was a company owned by Queenstown brothers Derek and Maurice Brown and their wives. 

The Browns erected the building, designed by local architect Michael Wyatt, in 2008. 

Tenants include the local electorate office of MP and Deputy Prime Minister Bill English. 

The property’s rateable value is $2,075,000 and its annual rent roll is $236,558 plus GST. 

Colliers handled the sale, and local Colliers International broker Mark Simpson says: “The sale price represents a yield of about seven per cent.”