Commercial property prices started at $157,000 – latest sales from Colliers and Knight Frank

This property on Rennie Drive in Mangere sold for $1.4 million.

The latest commercial property sales from Colliers International and Knight Frank ranged in price from $157,500 for a development site at Rolleston near Christchurch, to $1.77 million for a retail property in Palmerston North, putting them well within reach of investors with relatively modest amounts to invest.

Well located retail premises in Auckland continue to sell for high prices and low yields that would rival those being achieved for residential investment properties, with a block of shops at Onehunga providing its new owners with a net yield of 5.15%.

Further down the line, the new owners of a retail property in Palmerston North will be making 9.31% from the property they purchased.

See below for details.

Recent sales by Colliers International:

  • 72-78 Taonui St, Palmerston North. A freehold, retail premises with a national tenant. Sold for $1.77 million, providing a net yield of 9.31%. The agents Doug Russell and Grant Lloyd.
  • 2-10 Waiapu Lane, Onehunga, Auckland. A 324 square metre block of four retail shops. Sold for $1.27 million providing a net yield of 5.15%. The agents were Paul Jarvie and Charlie Oscroft.
  • 22 Rennie Drive Mangere. A vacant 1118 square metre office and warehouse on a 1500 square metre site. Sold to a private investor  for $1.4 million. The agents were Brad Johnson, Ash Vincent and Paul Jarvie.

Recent sales by Knight Frank:

  • 16/114 Sawyers Arms Rd, Papanui, Christchurch. A 165 square metre warehouse with 71 square metre office, offered with vacant possession. Sold for $525,000. Agent Craig Edwards.
  • Lot 6, 863 Jones Rd, Rolleston. A 875 square metre development site offered with vacant possession. Sold for $157,500 ($180sqm). The agent was Terry Donnelly.
  • 256 Greers Rd, Bryndwr, Christchurch. A childcare centre leased for seven years at $60,000 pa, plus GST and opex. Sold for $876,000. The agent was Craig Edwards.

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