An inner city workshop with an apartment above sells for more than double its rating valuation but others failed to find buyers at auction
June 26, 2014 – 10:05am,
This property sold for $1.22 million, more than double its rating valuation.
There was no shortage of investors at Bayleys Auckland commercial property auction this week.
Several dozen hopeful buyers turned up at Bayleys head office auction room at Viaduct Harbour and the bidding was off to a spirited start for the first lot, a CBD fringe workshop with a flat above it located at 6 Cargill St in Newton.
The 248 square metre freehold site had a 160 square metre workshop on the ground floor and a comfortable 70 square metre apartment with a north facing deck above it, which was added in 2003.
It was being sold with vacant possession because the vendor, who lived and worked on the premises, was retiring.
The property had a current (2011) rating valuation of $580,000 but the auctioneer had no trouble getting an opening bid of $650,000 and competition from several potential buyers pushed the bids up to $880,000 at which point the auctioneer announced it was “on the market,” which set of a another fierce bidding war and it eventually sold under the hammer for $1.22 million.
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