Albury’s Borella Seafood building sold at auction

Albury’s Borella Seafood building sold at auction

WRITTEN: 22 AUG 2016 2:30PM – STORY ACCREDITATION: The Border Mail

THE Albury property that houses Borella Seafood has sold at auction to a local investor for $737,500.

Situated at 634 Electra Street, on the corner of Borella Road, the site includes two retail tenancies, the other being Hois Malay Asian Cuisine. 

LJ Colquhoun Dixon Commercial Real Estate director Andrew Dixon said five or six bidders took part in Friday’s auction, which attracted a crowd of about 50 people.

He described the bidding, which started at $700,000, as spirited, with the final price representing a yield of about 8 per cent.

“There was strong interest leading up to the auction,” Mr Dixon said.

“It’s well-positioned, with well-established tenants.

“Borella Road now, leading out to Thurgoona and East Albury, with the Harvey Norman centre and the hospital, it’s a very busy part of Albury.”

The property offered a combined net rental of nearly $60,000 and was sold subject to the existing leases. 

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