Bayleys sold 75% of the commercial properties they took to auction this week, and Colliers International had a 100% success rate at their commercial property auction in the Bay of Plenty.
All of the properties offered at Bayleys auction were small to medium sized units that would be likely appeal to private investors. Sixteen were located in Auckland with one each in Napier and Whanganui.
The cheapest Auckland property to sell was a 110 square metre light industrial unit in the Wairau valley which went for $476,000. The most expensive was an old villa on Parnell Rd which had been converted to office use. It’s zoning would allow the site to be redeveloped for apartments or terraced housing. It sold for $3.525 million.
The highest yield of 7.55% was achieved on a retail premises in Whanganui which was leased to NZ Post and sold for $2.73 million.
The highest yield achieved on the Auckland properties was 6.09% for a commercial premises leased to a fitness centre in Albany, which sold for $2.585 million.
The lowest yield was 3.09% on a retail premises in Blockhouse Bay.
At Colliers’ Tauranga auction, all five commercial properties offered were sold for a combined value of $10.9 million.
Prices ranged from $1.25 million for 307 square metre bar and restaurant in Taupo which provided a yield of 6.8%, to $2.85 million for a 1311 square metre supermarket on a 2016 site, which was leased to Countdown. It provided a yield of 7.4% for its new owner.
Colliers International Tauranga Managing Director Simon Clark said the results sent a clear message that the market remained buoyant.
The fulls results from both auctions, with the prices achieved and photos and full descriptions of all properties, including those that didn’t sell, are available on our Auction/Sales Results page.
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