The latest commercial property sales suggest investors are not losing any of their appetite for retail premises, with NAI Harcourts recently selling a retail property at Milford on Auckland's North Shore at a price that provided its new owner with a yield of just 3.6%.
Also on the North Shore a two level commercial unit at Albany achieved a yield of 5%.
The most expensive property sold recently by NAI Harcourts was a massive property on Lunn Ave in Mt Wellington (pictured) which has Mitre 10 Mega as its main tenant. It sold for $45 million.
Knight Frank has also recently sold several Auckland commercial properties, ranging in price from $395,000 for a retail premises in Onehunga to $2.5 million for an industrial property in South Auckland.
See below for details of recent sales by both Knight Frank and NAI Harcourts:
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- 72 Lunn Ave, Mt Wellington. NAI Harcourts also recently sold a large retail/warehouse property at Lunn Ave in Mt Wellington, Auckland, for $45 million. The property was on three titles with a combined land area of 3.108 hectares, with several buildings on it providing a combined floor area of more than 14,600 square metres. The property was leased to a variety of tenants including Mitre 10 Mega, Wet & Forget, Repco, Factory Frames, Smart Marine and Transfield Holdings. The agent was Grant Hargrave.
Recent commercial property sales by Knight Frank:
- 391 Parnell Rd, Auckland. A licensed food premises sold for $675,000, providing a 6.4% yield. the agent was Allan Myers.
- 281A Onehunga Mall, Auckland. A 128 square metre retail premises. Sold for $395,000. The agent was Allan Myers.
- 9 & 13 Lorien Place, East Tamaki, Auckland. An industrial property. Sold for $2.5 million. The agent was Josh Franklin.
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