Marketed by Millie Liang from Bayleys Real Estate, the pace was fast and furious for nearly 18 minutes as 41 bids were placed as investors tried to outmaneuver and eliminate each other in an effort to be the new owner of 10 High St in the Auckland CBD.
Bidding started with a rush; with not much time for investors to catch their breath or rethink their strategy as bids rose quickly to a slight pause around the $2.6 million mark, when it was announced the property was “on the market” and the bidding took off again until eventually the bidding war was won by a US investor securing the property for $2.7 million at a yield of approx 5.6%.
Affectionately known as Millie from Bayleys, Millie says “the strong interest leading up to the successful sale, confirmed her belief that there is a well informed and astute group of local and international investors circling Auckland's central business and city fringe prescients, keen to snap up good freehold stand alone commercial properties in the $2-10 million bracket”
Fully leased and located on 106m2 of prime inner city real estate, the 1920’s six level building, definitely caught the attention of some very experienced commercial property investors who have managed to survive the global economic downturn that began in 2007 says Millie Liang.
The net lettable area is approx 541.2sqm and has a retail street frontage of 7.2 metres with close proximity to Vulcan Lane and only 50 metres to Shortland Street, with the water front only a 5 minute walk away.
Millie says the ground floor and retail basement storage area comprising 126 sqm is leased to Overland Footwear, with well known jewellery design company “Carats” leasing level one for over 13 years.
Level 2-5 is leased to a clothing tailor, business management consultant, employment lawyer and human resource consultant along with an equity fund management firm, providing a good mix of tenants.
“International property investors having firsthand experience of the ‘Debt Bomb’ that first hit America and now creeping across Europe, appear to have heightened the growing interest in a little known school of economics based on common sense and human behavior”.
Increasingly it’s graduates’ like the fundamentals of NZ’s macro climate and appear to be undertaking a ‘forensic' analysis’ to find good commercial property investments in New Zealand as they weather the storm and steer their investment portfolio through the current global financial storm, says Millie Liang.
Millie Liang (Bayleys Auckland)
Millie Liang is fluent in both the spoken and written English, Mandarin and Cantonese languages, Millie specializes in commercial property sales and leasing in the Auckland, New Zealand’s CBD and city fringe area.
To read more about Millie Liang and view a small selection of commercial properties for sale or lease in Auckland's CBD visit: www.bayleys.co.nz/agent/millia
If the current selection of listings does not meet your investment or leasing requirements, ask Millie Liang about properties in the process of being listed, available shortly or that owners prefer not to advertise publicly.
Millie Liang specializes in Commercial property sales and leasing in Auckland's CBD and fringe areas and is part of Bayleys Real Estate Ltd Commercial Sales and Leasing team, located at Viaduct Harbour, Central Auckland. Bayleys is New Zealand’s largest full service real estate agency .
P: +64 21 968 128