Grafton apartment with retail income sells at auction for more than $2.5 million
||A two level, mixed use building sold at auction has returned the lowest yield on record for an investment sale by Colliers International.
The 379 sqm property with two retail tenants at 27-31 Park Road, Grafton, Auckland, was sold for $2,580,000 by Janet Marshall and Tony Allsop.
“On a land and building basis the price equates to approximately $8000/sqm and on a projected rental income the sale price equates to a yield of about 3%,” says Allsop.
It was the first time in more than 50 years the property was on the market.
As well as a two bedroom, fully refurbished, top floor apartment it came with two undercover car parks, a large secure yard and off street access offering two garages and plentiful car parking.
The property has a net lettable area of 309 sqm with the two ground floor retail tenancies generating a net annual income of $45,506.
Marshall says the 40 registered bidders among the crowded, 100-plus person gallery were very representative of Auckland’s multicultural CBD population.
The record setting property has a seismic rating of 71% and is located just a few hundred metres from Auckland Hospital and Auckland Domain.