Tuatara's Wellington brewery snapped up for $1 million
The building where the Tuatara Brewing Company recently opened its new Third Eye tasting room and microbrewery is understood to have been sold to an Australian investor for $1 million.
The formerly derelict two-storey masonry brick building in Karo Drive was put on the market this month by local developer Clem Griffiths.
Griffiths bought it from Transit last year for $330,000. After securing Tuatara as a tenant he spent about $200,000 clearing it and fitting it out for the brewery.
Tuatara has a six-year lease, with rights of renewal extending that to 12 years.
It is understood the property was purchased by an Australian chiropractor who plans to move to Wellington later this year.
With the property returning a gross annual income of $86,420 the sale price reflects a passing yield of 6.8 per cent.
Market sources suggest this could be a new low yield on the Wellington commercial property market. The deal, brokered by Colliers International agents Rick Stace and Sam McIlroy, settles in mid-April.
- The Dominion Post