Mixed interest for seven sites at auction

Last updated 08:24 11/03/2014
Lyceum buildings

UNDER THE HAMMER: The Lyceum Buildings in central Lower Hutt, which sold at auction this week for $660,000.

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Four of seven properties on offer sold at Bayleys latest monthly auction this week.

Keenest interest was shown in two vacant warehouses - one at 135 Park Rd, Miramar sold for $700,000 after 16 bids, and another at 70 Victoria St, Alicetown, Lower Hutt, went for $545,000.

A vacant 607 square metre property at 1 Aglionby St, close to Lower Hutt's Railway Ave car sales strip, sold for $390,000.

The Lyceum Buildings at 153-161 High St, Lower Hutt, also sold with a top bid of $660,000, below its 2013 rating value of $775,000.

The old two-storey block next to Lower Hutt's old Central Post Office building was owned by Keene Properties and the tenants, Visique optometrists and Subway, pay a combined gross rent of $90,450 a year for their ground floor shop leases.

There were no bids on the most valuable property in the auction.

The 740sqm ground floor retail property below an apartment block at 15 Tennyson St, Te Aro, which is leased to Dulux and Cavalier Bremworth and returning a net rental income of $250,000, was passed-in with no advance on the auctioneer's call of $2.4 million.

A ground floor retail unit at 245 Wakefield St, Te Aro, which is leased to Simply Security and returning a net income of $40,000 a year, also drew no bids.

A vacant 109sqm office at 3 Britannia St, Petone, was also passed-in after a top bid of $160,000 failed to meet the auction reserve.

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- The Dominion Post

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