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$3 Million Changes Hands in “Premium” Auction

NEWS RELEASE

$3 Million Changes Hands in “Premium” Southland Auction

For Release: 13 December 2006

Fourteen registered telephone bidders vigorously competing against each other and around seven others in Harcourts Invercargill’s auction room last Friday saw four significant commercial properties sell ‘under the hammer’ for a total of $3.041 million within an hour.

Harcourts Invercargill Business Owner, Tony Jenkins described it as, “a premium commercial auction and one of Southland’s property auctions of the year.” The four buildings, all owned by the same vendor and with established long-term tenants were:
• The Repco building, 51 Leven Street, Invercargill ($1,271,000)
• The NZ Safety building, 114 Clyde Street, Invercargill ($747,000)
• The Plumbing World building, 90-94 Leet Street, Invercargill ($728,000)
• The G Davidson Engineering Ltd building, 5 McNab St, Duendin ($295,000)

With all the eventual buyers from the Otago/Southland area, the auction result confirmed the popularity and confidence in Southland’s commercial property. Mr Jenkins noted however of greater significance was the number of enquiries and bidders from Auckland, Wellington and Tauranga recognising the quality of the property being offered, particularly with the 9-10 year leases in the Invercargill buildings.

“With a number of buyers disappointed on the day, the availability of commercial property in the area full-stop is in short supply with Southland’s commercial market very hot. We knew we would get strong buying interest, however we were still amazed at the volume of enquiry nationwide once we began marketing the properties.”

The four properties were marketed by David McKillop and Bruce Young from Harcourts Invercargill and the Auctioneer was Harcourts’ National Auction Manager and winner of the 2006 New Zealand Auction Championships, Phil McGoldrick.

Mr Jenkins, who also owns Harcourts offices in Gore and Wanaka, noted that the local residential market was also very strong with ongoing investment enquiry from throughout New Zealand and Australia.


ends

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