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.

Relevant offers

Commercial Property

Staff injuries following fancy refurbishment of Hutt City Council offices Wellington student accommodation blocks for sale Wellington properties underpin Vinta's launch of $121m wholesale fund Sofitel Wellington opens to meet increasing visitor demand New World supermarket buys Hawke's Bay land, blocks proposed development, report says 'Remarkable' boost in confidence from Wellington investors CuriousCity: What happens when a building is strengthened McDonald's building their own $4m replacement restaurant at Silverstream Colliers International team stellar 12-month, billion-dollar stint Timberland brings forward launch to coincide with opening of David Jones

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.

Ad Feedback

- The Dominion Post

Special offers
Opinion poll

Do you rent or own your home?

Rent alone

Rent with others

Own with mortgage

Own freehold

Vote Result

Related story: $1m-plus in unclaimed bonds

Featured Promotions

Sponsored Content