Artt Advice office in Albury CBD snapped up for more than $800,000 at auction
STORY ACCREDITATION: The Border Mail – 6 October, 2023 | WRITER: Beau Greenway
A renovated office building in the Albury CBD has sold for more than $800,000 at auction.
The 200-square metre property on the corner of Swift and Macauley streets, home to financial planning firm Artt Advice, attracted strong interest and was snapped up by a Border investor for $820,000 on Friday, October 6.
It is set on a 450-square metre block with multiple offices, on-site amenities and a rear car park accessed from Macauley Street.
Bidding started at $700,000, but quickly rose in $10,000 increments as offers were exchanged between four parties.
Rises of $5000 continued as the property reached $770,000 and was declared on the market.
Two bidders continued to vie for the building as it went past $800,000 thanks to a flurry of $5000 bids, before the hammer eventually fell at $820,000.
Auctioneer Andrew Dixon, of Dixon Commercial Real Estate, said the final price exceeded expectations.
A large crowd gathered for the auction of a central Albury office on the corner of Swift and Macauley streets, which sold for $820,000 on Friday, October 6. Picture by Tara Trewhella
“We had about 25 inquiries and we were confident of getting five or six bidders,” he said.
“It’s a central Albury position with affordable rent in a prominent location.
“It’s a block north of Dean Street and there’s a lot of professional offices in Swift Street now.
“There’s obviously a lot of new developments along Swift Street, but a lot of the older existing houses have been converted into office accommodation.”
Mr Dixon said the property was owned by Melbourne couple Michael and Ethel Bourke, who have been long-term investors in the Albury market and have family connections in the region.
A five-year lease is in place with Artt Advice until November 2024, with the annual rent just below $45,000.