There was a good turn out for Bayleys latest Auckland commercial property auction, with many of the smaller retail and industrial properties offered likely to appeal to private investors.
With prices starting at $580,000, many commercial units are now available for substantially less than the average price of an Auckland house, and the commercial properties will usually provide a more attractive yield than residential investments. That means many investors who may previously have considered buying a residential investment property could now be shifting their focus to commercial.
Sixteen properties had been marketed for sale at the auction, but two had their auction date postponed and one was withdrawn from sale prior to the auction commencing.
Of the 13 that were offered on the day, six sold under the hammer with the other seven passed in for sale by negotiation.
There was very competitive bidding on several of the properties and those that sold ranged in price from $580,000 for a shop in East Tamaki, to $3.075 million for a two level building with retail premises on the ground floor in Freemans Bay.
Details of the properties that sold, including a photograph of each property and the selling prices achieved, are available on our new Commercial Property Sales page.
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