Viaduct auction sites at under 10%
A Remuera development site, at 115 Remuera Rd, fetched the top price at Bayleys’ Total Property Easter auction in Auckland.
The 1821mÂ² freehold site attracted fierce bidding before selling for $2.05 million, giving a hefty premium over its $1.1 million capital valuation. A dwelling on the site was not part of the sale and is being removed.
Bayleys marketing agent Richard Laery said the property had been bought for development. Its residential 7B zoning allows 1 dwelling:200mÂ², which means it has potential for 9 units.
Other properties to sell the Total Property auction included:
Wairau Park, 6 Link Drive, near-new 404mÂ² showroom & office building leased to Northern Bay Motors, which has a Lexus agency, sold for $775,000 at a 7.7% yield.
Te Atatu North, 543 Te Atatu Road, with a new 5-year lease to BP Oil NZ Ltd, which started last December, sold for $1,125,000 at a 9.3% yield.
Viaduct Harbour, Unit G, The Quays, 63mÂ² unit leased to Mikuni Restaurant until 2012, sold for $333,000 at a 9.52 % yield on the rental income of $31,714 (net of body corporate & ground lease rental expenses).
Viaduct Harbour, Unit J, The Quays, 181mÂ² unit leased to Tagore Restaurant, also until 2012, sold for $883,000 at a 9.51 % yield.