Vacant space didn't deter investors at the latest Colliers auction – high prices for new shops push yields under 5%

Mike Pero Real Estate was one of the tenants at Millwater.

Seven retail properties at the new Millwater development between Silverdale and Orewa in the north of Auckland proved popular at Colliers latest Auckland commercial property auction, with the units fetching between $775,000 and $1.4 million, providing their new owners with net rental yields of between 4.9% and 6.2%.

Tenants of the shops included Mike Pero Real Estate and Bruce Lee Sushi outlets, a jetts gym, a pet shop and a superette.

The biggest sale of the day was a large indoor sports venue in Manukau which sold for $2.75 million, providing a net rental yield of 7.56%.

Investors weren’t afraid of a bit of empty space either, with several vacant premises selling for between $365,000 and $1.3 million.

The full results of Colliers’ latest auction, with photos of all properties, including those that didn’t sell on the day, are listed below:

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