Business site $6.4m sale ‘outstanding’

Albury industrial site, 200-208 North Street, sells for $6.4 million

STORY ACCREDITATION: The Border Mail, May 11, 2002 – 6:43pm | WRITER: Janet Howie

LARGE INTERIOR: A variety of tenants occupy the buildings at 200-208 North Street, which sold before auction this week.

Burgess Rawson associate Dean Venturato said 200-208 North Street had been bought by an investor/developer with plans to develop the surplus land at the rear of the property.

“It was a price that the vendors thought was attractive and they decided to sell ahead of today’s scheduled auction,” he said on Wednesday.

“(It) reflects a net return of 7.9 per cent per annum.”

Conjunctional agent Andrew Dixon, of LJ Colquhoun Dixon described the sale as “an outstanding result for the vendor”.

Providing annual rental income of about $504,000, the site opposite Lauren Jackson Sports Centre has 10 tenants, including AWM Electrical, Albury Steel Fabricators, Zone Laser Tag Albury and Albury Skating Centre.

“We’ve managed the property for many years, for the current vendor and also the previous vendor,” Mr Dixon said.

“The purchaser was an investor from Melbourne, wanting to buy in regional Australia and keen to buy in Albury-Wodonga.”

Burgess Rawson sales representative Beau Coulter also worked on the listing.

The investment portfolio auction at Melbourne’s Crown Casino went ahead with more than 20 lots, including the Bright Bendigo Bank site, 104B Gavan Street.

After an opening bid of $700,000, the property attracted 29 more bids in person and online before the hammer fell at $940,000.

Auctioneer David Scholes made first and second calls five times before the sale was finalised.

The listing offered a renewed five-year lease with options and an annual net income of $40,200.