There was a wide range of properties on offer at Bayleys' latest commercial property auction, with everything from small suburban shops to large industrial premises going under the hammer at the firm's head office auction rooms at Viaduct Harbour this week.
Competition for many of the properties was intense and several of them sold at prices that would achieve their new owner's net rental yields under 5%.
The yields ranged from 4.22% for an industrial warehouse/showroom in Manukau which was leased on a month-by- month basis to a motor parts business, to 7.05% for a childcare centre in Kaitaia.
Of the 24 properties scheduled to be auctioned, three were withdrawn from sale, one had its auction postponed, 11 were sold under the hammer and the remaining nine were passed in for sale by negotiation.
The least expensive sale of the day was a 139sqm industrial unit with two car parks in Wairau Valley that went for $370,000 while the most expensive sale was a large property with redevelopment potential in Mangere that went for $2,013,000.
You can check out the prices and details of the individual properties that sold and other recent commercial property sales on our Commercial Property Sales page.
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