Home of Albury’s Just Jeans and Level One Wine Bar sells for $1.55 million at auction
STORY ACCREDITATION: The Border Mail 23 June, 2023 | WRITER: Beau Greenway
Dixon Commercial Real Estate’s Andrew Dixon and First National Commercial’s William Bonnici sold properties on Friday, June 23. Pictures by Tara Trewhella and Mark Jesser
A two-storey retail property on Albury’s main street, owned by the same family for around half a century, sold for more than $1.5 million at auction on Friday, June 23.
The building, which houses Just Jeans on the ground floor and Level One Wine Bar upstairs produced strong bidding between two parties before it eventually sold for $1,550,000.
On opening bid of $1.3 million was taken by auctioneer Andrew Dixon, of Dixon Commercial Real Estate, before it quickly jumped to $1.4 million in increments of $25,000 from two parties.
The quickfire bidding between the pair continued as offers varied from $25,000 to $5000, with the property on the market at $1,510,000.
After a brief pause in the auction, five more bids were taken and the freehold was sold for $1,550,000.
Vendor Neil Colquhoun, who owned the property with his sister Judy Hays, was delighted with the result.
“Just Jeans have been the only tenant on the ground floor since we’ve had it, which is a testament to the location,” Mr Colquhoun said.
“We’ve done a large amount of work upstairs and Level One Wine Bar have been wonderful over many years.”
A huge crowd watches on at the auction of 492 Dean Street in Albury on Friday, June 23. Picture by Tara Trewhella
The property has a net income of more than $85,000, with $61,746 from Just Jeans and $25,117 from Level One Wine Bar.
Meanwhile, a Wodonga industrial lot set on more than 1000 square metres sold after auction for $800,000 on Friday, June 23.
The Sanyo Drive property, which has a 200-square metre workshop and modern office, attracted just one offer of $700,000 before it was passed in, but a deal was negotiated with the bidder post-auction.
Auctioneer William Bonnici, of Wodonga’s First National Commercial, said it was a good result and both vendor and purchaser were happy.
“The new buyer is an investor and local businessperson, so they could end up the owner-occupier down the track,” he said.
“The buyers we had inquire was probably a 50-50 split between owner-occupiers and investors.
“The commercial market has been pretty strong, especially in Wodonga in that central pocket. Anything around Wigg Street, Sanyo Drive and Michael Drive, there’s a big demand for it and there’s not much available at the minute.
“We’ve got people not only locally, but also from the capital cities and outside of our region who are keen to invest and can see the growth trajectory for Wodonga. It’s finally maturing.”