PHOTO: SUPPLIED – Bayleys Auckland commercial and industrial director Lloyd Budd says properties tenanted by banks are selling for up to 20 per cent more than those with other tenants.

Investors are increasingly on the lookout for properties anchored by major banks as uncertainty creeps into the market. according to Bayleys Auckland commercial and industrial director Lloyd Budd.

He said banks were a “really attractive” tenant as investors shifted towards buying quality sites and builds.

“People want surety of income and that’s what the biggest attraction is about real estate at the moment.”

At an auction last week, one bank property attracted 377 bids from seven different bidders, Budd said. The auction for that one property went for 40 minutes.

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