Property on Stanley Street sells before auction to Wodonga investor
STORY ACCREDITATION: The Border Mail: Thursday 11 May, 2023 | WRITER: Beau Greenway
A commercial office building in central Wodonga slated for auction on Wednesday May 10 has sold for more than $2 million beforehand.
The property on Stanley Street, which has a five-year lease to a government-funded tenant with the option of another five years, was purchased for $2.45 million by a Wodonga investor.
The 578-square-metre ground floor premises includes a new $800,000 tenant-funded fit-out and investment.
Improvements included a modern foyer area, with several small meeting rooms and a large open plan office space.
There is also a large kitchen and toilet amenities.
It has a 27-metre frontage to the southern side of Stanley Street, between Smythe and Hume streets.
Agent Andrew Dixon, of Dixon Commercial Real Estate, said it continued a run of strong sale results on the Border.
“It’s another great sale for Wodonga,” Mr Dixon said.
“Contracts were exchanged unconditionally over the weekend.
“The sale price represents a yield of 6.3 per cent.”
The property boasts a net income of more than $150,000 in rent.
Mr Dixon said commercial property in Wodonga was booming, with low vacancy rates across the city and house prices up 40 per cent since April 2021.
The agency has recently listed two more commercial lots in Wodonga to go to auction next month.
A 2440-metre site leased by Wodonga Transport on Wodonga Street, as well as a three-bedroom residence on industrial land in Hovell Street, will go under the hammer on June 9.
Wodonga Transport signed a two-year agreement in December last year for the property, situated close to High Street, the Hume Freeway interchange and Wodonga CBD.
Mr Dixon revealed the Hovell Street lot has industrial zoning and offered opportunity for developers, owner-occupiers and investors to establish themselves in a central position.