A light industrial property in Grey Lynn sold for $920,000, providing its new owners with a net yield of 3.3%.
The Property was one of 17 Auckland commercial properties auctioned by Bayleys last week, where the yields achieved ranged from 3.3% for the Grey Lynn unit to 6.9%.for a large format retail premises leased to RD1 in Helensville, which sold for $2.01 million.
The Grey Lynn property was returning $30,000 a year plus GST and outgoings and sold for $920,000.
Its price was likely helped by the fact it was on a corner site and under Auckland Council’s proposed unitary plan it will be zoned for mixed use, giving the property development potential.
It had a rating valuation of $610,000.
The full results from the auction, with photos and details of all properties, including those that didn’t sell, are listed below:
Our free Property email newsletter brings you all the stories about residential and commercial property and the forces that move these huge markets. Sign up here.
To subscribe to our Property newsletter, enter your email address here. It’s free.