Marketed by Mike Adams and Paul Dixon of Bayleys Auckland, the property attracted more than 70 bids, starting at $150,000. It was declared "on the market" at $310,000 followed by 52 bids before finally selling.
Two other properties that sold for over $2 million also attracted solid bidding. The Howick Motor Lodge, comprising 10 units plus a four-bedroom manager's home and office on a 1677sq m site at 682 Pakuranga Rd, Howick, sold as a freehold going concern for $2.35 million through Shiona Dyer and Paul Dixon, of Bayleys Auckland, and Kevin Barber of Bayleys Howick. In Auckland's CBD, a 250sq m penthouse floor, with live-and-work options, at 152 Quay St, sold for $2.06 million through Gary and Ben Wallace of Bayleys Auckland.
Other properties to sell at the auction included:
Two retail units in a high-profile position on opposite sides of the entrance to the Royal Oak shopping mall sold as one lot for $750,000 at a 7.2 per cent yield through Matt Lee, James Chan and Owen Ding of Bayleys Auckland. A 56sq m cafe is leased for four years from September 2013 and a 41sq m unit occupied by a cellphone accessories outlet is on a four-year lease from last March.
A 700sq m two-level office and warehouse unit with 14 car parks at 49 Sainsbury St, Auckland sold for $1.89 million at a 7.4 per cent yield through Clint Barber and Andrew Beacham of Bayleys Auckland. It is leased to multinational Wika Instruments for six years from last June, with annual CPI rent rises.
A 734sq m industrial building used as food production facility on 809sq m corner site at 49 Carr Rd, Three Kings, sold for $1.21 million at a 7.4 per cent yield through Mike Adams and James Appleby of Bayleys Auckland. Leased to Lincoln Bakery for one year from last February with a one-month termination clause, it drew close to 40 bids and was declared on the market at $1,110,000.
A purpose-built 772sq m food grade manufacturing building on a 1750sq m site at 30 Anvil Rd, Silverdale, and occupied by pie-maker Jesters Manufacturing on a four-year lease from last June was sold for $1.18 million at a 9.7 per cent yield by Rosemary Wakeman of Bayleys North Shore Commercial.
A 510sq m warehouse and office unit at 84-89 Hillside Ave, Wairau Valley, with existing-use rights for a fitness centre, sold with vacant possession for $581,000 through Trevor Duffin of Bayleys North Shore Commercial and John Algie of Bayleys Auckland.
A 140sq m takeaway and dairy premises producing $20,800 per annum net along with a 140sq m vacant villa on a 1105sq m underdeveloped commercially zoned site at 322 Hingaia Road, Karaka, was sold for $560,000 through Marty Roestenburg, Peter Migounoff and Tony Chaudhary of Bayleys Manukau Counties.A further eight properties were sold at Bayleys' Total Property auctions in the lower North Island at a total value of $6.13 million.