KEY POINTS:
It could become one of the most expensive food takeaway bars in the country.
A small shop, rented out as a kebab bar in Auckland's Queen St, has just been sold at auction for $1.15m. At 39.1 square metres - about the size of a medium to large bedroom - that is slightly over $29,400 a square metre.
The unit title sale did not include the land - only the development on the land.
Commercial investment broker, Ben Herlihy, from Colliers International who negotiated the deal with his colleague James Thorburn, said it was a competitive sale with four people bidding before the deal was finally concluded at $1,150,000.
The property was towards the upper end of Queen Street and not in what was considered prime Queen St real estate.
"For that particularly unit it was a good result given its size."
He said the sale price was "right up there with some top rates" for prime real estate.
The rental income on the site was about $93,000 a year including GST. On top of that the tenant also paid nearly $20,000 on rates and body corporate fees.
Mr Herlihy said the site was on the western side of Queen St, New Zealand's busiest street.
The $43 million Queen St upgrade had been completed outside the shop and it was already feeling the benefit of restored foot traffic, he said.
- NZPA
