STORY ACCREDITATION: The Border Mail, March 1 2024 | WRITER: Beau Greenway
Nine bidders put forward offers for this commercial office and warehouse on the corner of Hovell and Townsend streets in South Albury, which sold for $875,000 at auction on Friday, March 1. Picture supplied
Two commercial properties on the fringe of the Albury CBD have sold for more than $1.7 million combined at auction.
A warehouse and office on the corner of Hovell and Townsend streets in South Albury was eventually sold to a Border and North East building company for $875,000 after huge auction interest, with nine bidders involved in proceedings on Friday, March 1.
An opening offer of $625,000 was accepted by Dixon Commercial Real Estate auctioneer Oscar Dixon for the 630-square metre site, two blocks from the Albury CBD, before it quickly jumped to $700,000 in rises of $25,000, which was enough to get it on the market.
However, it was far from the end of the auction as offers continued to pile in to take it to $750,000.
Bidding then reduced to $10,000 rises to lift the price to $790,000.
With the exception of two $10,000 bids, all new offers were $5000 as the price soared well above its reserve all the way to $875,000 before the hammer fell.
The property has a combined annual rental income of more than $46,000 with the 240-square metre warehouse and 112-square metre office building leased until July and October 2024, respectively.
Later in the day, the agency also sold a 525-square metre property that houses a residential real estate firm to a Border investor for $850,000.
The real estate office of Stewart Gould on David Street in central Albury sold at auction for $850,000 on Friday, March 1. Picture supplied
Auctioneer Andrew Dixon opened proceedings for the Stewart Gould real estate office with a vendor bid of $750,000, which was soon eclipsed by an offer of $775,000.
Two parties vied for the lot which increased to $800,000 before bids were lowered to $5000.
The property was on the market at $835,000, with $2500 rises taking it from $840,000 to its eventual sale price of $850,000.
Stewart Gould commenced a five-year lease in March 2021, which produces more than $46,000 annually in rent.
“The Hovell Street one was a unique property and the really good thing was it showed the depth of the market,” Andrew Dixon said.
“A price of $850,000 for the David Street property is a yield of about 5.5 per cent. It’s a well appointed office, has a good lease in place, and the on-site parking and great position make it very desirable.
“The job keeps rolling on and the region is not slowing down.”