PFI's Avondale purchase highlights hot industrial property market

PFI's Avondale purchase highlights hot industrial property market
Jenny Ruth
Property for Industry's purchase of industrial real estate in the Auckland suburb of Avondale highlights how expensive such properties are becoming.The company is paying $39 million for the properties, which adjoin properties PFI already owns, and the initial annual yield is just 4.4 percent.PFI acknowledged the price is steep with the estimated market yield 4.9 percent – the lower the yield, the higher the price paid.At the beginning of the month, PFI announced the preliminary advice from its independent valuers was that its existing...

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