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Investors at Bayleys' auctions snapped up commercial properties in Auckland, Whitianga, Napier and Wellington

Property
Investors at Bayleys' auctions snapped up commercial properties in Auckland, Whitianga, Napier and Wellington

Bayleys Real Estate auctioned 31 commercial properties in Auckland, Whitianga, Napier and Wellington this week and achieved sales on 18 of them.

At the Auckland auction 27 properties were offered and 15 were sold, with prices ranging from $150,000 for a 120 square metre retail/restaurant unit set among Auckland's student accommodation blocks, to $3.75 million for for a 20 unit motel in Napier.

The Wellington sales included a vacant warehouse/office with development potential in Porirua that went for $1.5 million and a couple of retail premises in Petone that went for $830,000, providing a yield of 6.62% for their new owners.

Several of the Auckland properties sold at prices that were well below the average cost of a family home in the region, putting them well within reach of investors with comparatively modest budgets.

A retail unit in Henderson that was leased to OPSM sold for $465,000 providing a net yield of 4.8% and a couple of retail units in Warkworth went for around $560,000 each.

Among the larger Auckland properties a development site of just over 5100 square metres in East Tamaki went for $2.86 million, and a warehouse/office with development potential in Morningside fetched $2.9 million.

A retail premises with two apartments above it in Whitianga went for $1.03 million.

The full results from Bayleys latest commercial property auctions, as well as details of the latest commercial property sales by Colliers international, are available on our Auction/Sales Results page.

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