Lots of action at auctions
More than $27 million worth of commercial and industrial property was sold at Bayleys' auctions around the North Island over the past two weeks.
Sunday, April 4th 2004, 1:10AM
by The Landlord
Under the hammer were 31 properties in Bayleys' first Total Property 2004 portfolio, and 23 sold on or before auction day.Bayleys general manager Mike Bayley says the high clearance rate reflects continuing strong interest - from investors, businesses seeking vacant premises and developers - in a limited supply of commercial and industrial property being put up for sale.
Bayley says interest rates have edged up but they remain at levels that make property an attractive investment proposition and often enable businesses to debt-fund the purchase of a building at a lower cost than renting.
Prices realised at the Auckland auction ranged from $505,000 for a vacant 641sq m warehouse building in Dalgety Drive (marketed by Mike McLennan), to $2.368 million for three buildings on a 1138sq m site at the corner of Great South Rd and Market Rd in Greenlane (marketed by James Chan and Jonathan Chang).
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