One bedroom Auckland apartment sells for almost $12,000 a square metre, Colliers' sales achieve net yields of 6.39% to 7.1%

It is becoming increasingly common for apartments in Auckland's CBD to sell for more than $10,000 a square metre, a price that would have created headlines not so long ago.

At this week's Ray White City Apartments auction a 52 square metre apartment with a car park in the Connaught building near the High Court, sold for $622,5000. That works out at just under $12,000 per square metre. A 22 square metre furnished studio in the adjacent Quadrant building sold for $223,000, which was $10,136 per square metre.

There is even good demand for apartments in buildings with remediation issues with a unit in the Harbour City building on Gore St  selling for $349,000 which was just under $9000 per square metre.

On the commercial property front, Colliers latest sales included two newly completed office buildings just off Victoria St West in the CBD which sold for a combined $204 million, providing their new owners Augusta Funds Management with a net yield of 6.39%.

Other recent sales by Colliers included a large church and conference centre near Auckland airport which went for $13.8 million, while the most affordable property was a commercial building in Matamata that sold for $1.325 million.

See below for the full results of Ray White City Apartments' latest auction and Colliers' latest commercial sales:

Results of Ray White City Apartments' auction, June 2:

• 23A/16 Gore St. Harbour City building. A 39 square metre, one bedroom furnished unit rented at $410 a week. The body corporate for the building has taken legal action against Auckland Council and 11 building contractors over alleged building defects. Sold for $349,000. Rates were $1199 and the body corporate levy $2773. The agents were Damian Piggin and Daniel Horrobin.
• 2D/14 Waterloo Quadrant. The Connaught building. A 52 square metre, one bedroom unit with an eight square metre covered balcony and a car park and storage locker. Rented at $380 a week. Sold for $622,500. Rates were $1644 and the body corporate levy $4883. The agent was Dominic Worthington.
• 1208/10 Waterloo Quadrant. The Quadrant building. A 22 square metre, furnished studio, rented at $380 a week. Sold for $223,000. Rates were $1084 and the body corporate levy $2834. The agents were Damian Piggin and Daniel Horrobin.
• 314/135 Hobson St. Imperial Gardens building. A 30 square metre, one bedroom apartment in a building involved in building defects litigation. Vacant. Sold for $150,000. Rates were $990 and the body corporate levy $2133. The agents were May Ma and Mark Li.

Recent commercial property sales by Colliers International:

• Two interconnected office buildings sell for $204 million. Building A/2 Graham St. Auckland CBD. An A grade, six storey office building has been purchased by Augusta Funds Management for $115.81 million, providing a net yield of 6.39%. And Building B at the same address was also purchased by Augusta, for $88.37 million, also providing a net yield of 6.39%. The agents for both sales were John Green and Andrew Reed.
• 198 James Fletcher Drive, Otahuhu, Auckland. A 3850 square metre office/Warehouse on an 8487 square metre site. Sold for $5.1 million, providing a net yield of 7.1%.The agents were Andrew Hooper and Dwayne Warby.
• 15 Echelon Place, East Tamaki, Auckland. A 6208 square metre office/warehouse. Vacant. Sold for $8.5 million. The agents were Andrew Hooper and Greg Goldfinch.
• 30A Tainui St, Matamata. A 560 square metre commercial building. Sold for $1.325 million, providing a net yield of 6.79%. The agents were Alan Pracy and Justin Oliver.
• 20A Arwen Place, East Tamaki, Auckland. A 2048 square metre office/Warehouse. Sold for $2.771 million. The agents were Paul Higgins and Jolyon Thomson.
• 107 Bolt Rd, Tahunanui, Nelson. A 2048 square metre industrial complex which included three warehouses, on a 5805 square metre site. Sold for $1.525 million. The agent was Ken Montgomery.
• 110 Montgomerie Rd, Airport Oaks, Auckland. A 2.5ha conference and church facility. Sold for $13.8 million. The agents were Josh Coburn, Paul Jarvie and Brad Johnston.

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