Bayleys sold 11 of the 19 properties offered for sale at its recent commercial property auction, giving a clearance rate of 58%.
The net rental yields dropped well below 5% for the most sought after properties, with a tenanted commercial premises on a corner site in Takapuna selling for $2.07 million which provided a net yield of 2.42%, although that probably reflected the property's development potential, while a retail shop with a flat above it in Remuera's main shopping strip sold for $830,000, providing a yield of 3.79%.
At the other end of the scale two units in the Royal Oak Mall leased to a medical centre achieved a yield of 11.25% (see below for the full details from Bayleys recent commercial auction).
Institutional investors have also been active and Colliers (Peter Herdson and Andrew Reed) recently sold Anitipodean Supermarkets' portfolio of 19 supermarkets to NZX-listed Stride Property (formerly DNZ) for $287 million.
The 19 supermarkets located from Invercargill to Auckland were all leased to Progressive Enterprises which operated them as Countdown outlets.
They had a combined net lettable area of 71,896 square metres and generated a passing income of $18.7 million.
Rounding out this week's commercial property sales was a vacant 78 square metre office suite with a car park at 2D Clyde St Epsom, which Knight Frank South Auckland broker Douglas Fan sold for $575,000.
See below for full details of Bayleys commercial property auction, with details and photos for all properties offered, including those that didn't sell:
If you are interested in buying commercial property, interest.co.nz's commercial property database link has details of nearly 6,000 commercial properties that are listed for sale throughout the country.
To search the database, click on the property tab at the top of this page and then click on "Commercial properties for sale" from the drop down menu, or you can click on the link below:
You can find almost all commercial property for sale in our comprehensive nationwide listings which are searchable across any major type.
Find this free resource here.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.