Low to mid-priced investment properties were to the fore in the latest batch of commercial property sales reported by Bayleys Real Estate in Auckland and Wellington.
And a sizeable portion of them were vacant, although investors are obviously not shy of acquiring properties that lack a tenant.
A dozen commercial sales were reported in Auckland, with prices ranging from $600,000 for a vacant 106 square metre retail unit in Manurewa, to $6.75 million for a 2372 square metre light industrial building and office on a 4001 square metre site in East Tamaki.
The property was leased to a food processing business and provided a net yield to the new owner of 6.37%.
Of the 12 Auckland sales, five were of vacant properties and the yields on the tenanted properties ranged from 4.41% for a 350 square metre warehouse that was part of a new complex in Onehunga, to 7.55% for a 103 square metre retail unit with two car parks in Newmarket.
Of the seven commercial sales reported by Bayleys in Wellington, six were vacant.
The only tenanted sale was a large industrial property with 12 tenancies at Otaki, which sold for $2.4 million, providing a net yield of 9.05%.
Prices on the vacant properties ranged from $520,000 for a 180 square metre office suite in Kaiwharawhara, to $1.55 million for a 208 square metre character building in Te Aro that formerly housed The Bresolin pub.
Details and photos of all of the above properties are available on our Commercial Property Sales page.
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