A two level, mixed use building sold at auction has returned the lowest yield on record for an investment sale by Colliers International.

The 379sqm property with two retail tenants at 27 to 31 Park Rd, Grafton, Auckland, was sold for $2.5 million by Janet Marshall and Tony Allsop.

“On a land and building basis the price equates to approximately $8000 per sqm and on a projected rental income the sale price equates to a yield of about three per cent,” says Allsop.

It was the first time in more than 50 years the property was on the market. As well as a two bedroom fully refurbished top floor apartment, it comes with two undercover car parks, a large secure yard and off-street access offering two garages and plentiful car parking.

The property has a net lettable area of 309sqm, with the two ground floor retail tenancies generating a net annual income of $45,506.

Marshall says the 40 registered bidders among the crowded, 100 person gallery were very representative of Auckland’s multicultural CBD population.

The record setting property has a seismic rating of 71 per cent and is located just a few hundred metres from Auckland Hospital and Auckland Domain.