Published 11 May 2010
CBRE Richard Ellis put up 2 properties for auction yesterday and auctioneer Ross Foreman got 2 sales – both after an extraordinary run of $1000 bids. Auction results:
Sandringham, 165 Sandringham Rd, 90-year-old 119m² building on 114m² in suburban strip 3 blocks out Sandringham Rd from Eden Park, 44m² liquor store on the street, 74m² 2-bedroom flat on 2 levels above, returning $32,185/year, net yield 6.7%, sold for $450,000 after a long run of $1000 bids (Jillaine Murray & Colin Stewart)
Manukau, 33B Grayson Avenue, 2582m² workshop with 4 rights of renewal terminating in 2018, returning $90,000/year including gst, site with long-term redevelopment potential, mortgagee sale brought by first mortgagee TEA Custodians (Bluestone) Ltd, sold for $1.181 million after a very long run of $1000 (and a few slightly larger) bids (Derek Harries)
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Attribution: Auction, story written by Bob Dey for the Bob Dey Property Report.