Commercial property sales provided net yields in 6-7% range at Colliers' latest auctions

Colliers International sold three of the five Auckland commercial properties auctioned this week and net yields were in the 6-7% range.

The properties on offer ranged from 675 square metre office/Warehouse in Mt Eden to an 80 square metre shop in the Mid City complex on Queen St in the CBD.

Prices achieved ranged from $440,000 to $1.95 million, putting commercial properties well within the reach of most retail investors.

The full details for all properties offered and their auctions results are below:

•  Unit B4/45D Normanby Rd, Mt Eden.  A 675 square metre office warehouse in on the city side of Mt Eden, with two separate tenants leased until 2020 returning $135,755 net per year, with rent reviews to CPI every two years. Sold for $1.95 million, providing a net yield of 6.96%. The agents were Kris Ongley, Jonathan Lynch and Peter Kermode.
• Unit G/372 Rosedale Rd, Albany.  A 96 Square metre retail premise with a new six year lease to the same tenant that has occupied the premises for the last 14 years. Rented at $30,000 Plus GST. Sold for $501,000 providing a net yield of 5.98%.
• Unit2B/239 Queen St, CBD. An 80 square retail premises on the second floor of the Mid City complex next door to Smith & Caughey. Vacant. Sold for $440,000. The agents were Oscar Kuang and Mark Wyness.
• Unit C/1 Henry Rose Place, North Harbour. A 225 square metre warehouse/showroom returning $36,000 net a year. Passed in for sale by negotiation. The agents were Euan Stratton and Matt Prentice.
• Unit B3/45D Normanby Rd. Mt Eden. A 640 square metre warehouse in the same complex as lot 1 (above). Vacant. Passed in for sale by negotiation. The agents were Kris Ongley, Jonathan Lynch and Peter Kermode.

Pictured below, the Mid City complex on Queen St.

Two units were offered in the Normanby Rd complex (pictured below). One sold for $1.95 million and the other was passed in.