North Albury commercial warehouse sells on Ramsden Drive for $850,000
STORY ACCREDITATION: The Border Mail, 2 June, 2023 | WRITER: Beau Greenway
A commercial warehouse in a sought after Albury industrial estate has sold at auction after strong bidding from four parties on Friday, June 2.
The 525-square metre building on almost 1300 square metres of land on Ramsden Drive in North Albury, leased by Australian Laser Tech, sold under the hammer for $850,000.
An opening bid of $700,000 was taken by auctioneer Andrew Dixon, of Dixon Commercial Real Estate, which was followed by a $25,000 rise.
Three parties exchanged $25,000 offers to see the property move to $800,000, before a fourth entered the fold and took it to $810,000.
Mr Dixon paused the auction at a bid of $820,000 to confirm it was on the market, and after three more increases of $10,000, it was sold for $850,000.
“It’s a very well established industrial precinct developed 20 or 30 years ago and has always been very tightly held and well occupied and letted,” Mr Dixon said.
“The building has always had a very strong tenancy history and has always enjoyed a good income from stable tenants.
“The market still continues to roll on. Interest rates really haven’t affected Albury-Wodonga on the commercial and industrial sites.
“Smaller country towns probably fall away, but the strong and prosperous centres like Albury-Wodonga get bigger.
“We’ve got a lot of great things happening in the region that will continue to happen over the years.”