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Latest News
idg settles Luke St Hemmant development
57 Luke St Hemmant settled today with a sale to a private investor introduced by Jones Lang La Salle. Sold as a going concern for $5,053,000 it showed a net yield of 7.24% to the purchaser. The lessee was international computer logistics company Synnex on a 4 + 2+ 2 lease with annual 3.5% min reviews. This development took approx 21 months from concept through to settlement and showed a strong rental rate of $127 npm2 and a tight yield is still possible in what many think is a difficult market. "Good property will always sell at a good price" comments Garry McNamara, director of idg. "A tightening of the credit market will not prevent well leased property selling to cashed up investors. A bit of softening in the yields still leaves plenty in the deals for all concerned" Garry said.