A busy auction room at CBRE’s offices in central Auckland this morning saw two properties sold under the hammer.
The properties that sold were:
12 Stock Street, New Lynn, Auckland: This industrial property offering circa 660sqm floor area, rental income from the ground floor tenant and eight car parks in the tightly held New Lynn industrial precinct was marketed by Michael Bray and Deborah Dowling of CBRE. The property sold for $970,000.
28c Andromeda Crescent, East Tamaki, Auckland: This 900sqm clear span office-warehouse in a five-unit development with access to a large yard, only minutes from Highbrook Industrial Estate and the Southern Motorway, was marketed by Patrick Sammon and Lewis Watson of CBRE. The property sold for $1.75 million, representing a yield of 6.28%. Andrew Stringer, CBRE’s Managing Director Auckland, said: “The auction room today showed firstly that the appetite for metro assets in Auckland is strong, and also that CBRE is now a force in the commercial property auction environment.
“We look forward to our next auction at 11am on Thursday 30 November at our offices in Christchurch, when we will be offering five more exciting opportunities for investors to engage with the market.”
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ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com..