A light industrial property in Grey Lynn sold for $920,000, providing its new owners with a net yield of 3.3%.
The Property was one of 17 Auckland commercial properties auctioned by Bayleys last week, where the yields achieved ranged from 3.3% for the Grey Lynn unit to 6.9%.for a large format retail premises leased to RD1 in Helensville, which sold for $2.01 million.
The Grey Lynn property was returning $30,000 a year plus GST and outgoings and sold for $920,000.
Its price was likely helped by the fact it was on a corner site and under Auckland Council's proposed unitary plan it will be zoned for mixed use, giving the property development potential.
It had a rating valuation of $610,000.
The full results from the auction, with photos and details of all properties, including those that didn't sell, are listed below:
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