STORY ACCREDITED: The Border Mail, February 21 2025 | WRITER: Beau Greenway
The Lawrence and Hanson building on Macauley Street in Albury sold for more than $1.2 million at auction on Friday, February 21. Picture supplied
A central Albury building home to an electrical franchise for almost three decades has sold under the hammer for more than $1 million.
The Lawrence and Hanson site on Macauley Street was snapped up by a Border-based investor for $1,205,000 after a flurry of auction bids on Friday, February 21.
An opening offer of $750,000 was taken by Dixon Commercial Real Estate auctioneer Oscar Dixon for the 515-square-metre showroom, on 840 square metres of land.
It ignited a frenzy of bids as the price quickly climbed to $870,000 where it was announced on the market.
That didn’t stop the offers flowing in for the property built for Lawrence and Hanson in 1998, which jumped between $5000 and $20,000 as the $1 million mark was reached.
Multiple parties continued to show interest as the price jumped to $1.1 million.
Two bidders remained in the hunt for the latter stages of the auction exchanging $10,000 and $5000 bids before the hammer eventually fell at $1.205 million.
Mr Dixon said it was a magnificent result.
“I’m stoked for the vendors,” he said.
“The family bought the block in the late 1990s and built it for these guys [Lawrence and Hanson] and here they are.
“It was crazy bidding.
“It’s a quality building and good covenant, and there’s an opportunity for rental growth. It just ticks all the boxes.
Dixon Commercial Real Estate auctioneer Oscar Dixon (right) calls for bids for a central Albury building housing electrical wholesaler Lawrence and Hanson on Friday, February 21. Picture by Beau Greenway
“We didn’t think it would go anywhere near where it did, but that’s why you put your property to auction.”
Bidders came from Albury, Wodonga, Yarrawonga, Melbourne, Sydney, Griffith, Dubbo and Geelong.
The property has a net annual rental income of more than $44,000.
Albury’s Lawrence and Hanson branch is one of more than 150 across Australia.