Several commercial properties sell for less than $1m at Bayleys' latest commercial auction

Bayleys Real Estate had a 60% success rate at their latest commercial property auction, selling 13 of the 22 commercial properties marketed for sale by auction.

That included three properties that were sold prior to the auction taking place, and of the nine that weren't sold, two were withdrawn from sale and one had its auction postponed.

There was a good mix of properties on offer, most of a size that would appeal to private rather than institutional investors and many of the Auckland properties sold for around the same amount as the average price of a home in the region.

One of the most affordable sales was a 134 square metre office unit on the first floor of the Bishopgate Business Centre in Botany which came with two car parks and sold for $465,000.

A North Shore retail premises with generous parking leased to Hell Pizza sold for $990,000, providing its new owners with a net yield of 5.45%, while an office/warehouse on a 2209 square metre site at Takanini fetched $2.68 million providing a net yield of 5.69%.

A 670 square metre retail premises in sunny Gisborne sold for $1.532 million providing a net yield of 8%.

Several development sites were also offered, with a 7493 square metre property in Botany Downs selling for $6.1 million.

Details of most of the properties offered, including photos and the prices achieved on those that sold, are available on our Commercial Property Sales page.

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