A NEWCASTLE-based property investor increased his stake by more than $2 million in the former headquarters of Trotman Accountants yesterday with the purchase of the top two levels of the landmark Wodonga building.
The man, who did not want to be identified, paid $1.24 million for level 4, for which the Bogong GP Training Network recently signed a four-year lease, and another $800,000 for the top level vacated by Trotman Accountants this year.
Almost a year ago, he paid $750,000 for two tenanted sections on the ground level occupied by coffee shop Rastus Watermelon and recruiting firm Adecco.
WHK principal Gary West accompanied the successful bidder at the mortgagee auction conducted by agents, L.J. Colquhoun Dixon.
Bidding on level 4 was started on a vendor bid of $900,000 with the successful purchaser and one other bidder pushing the price tag above $1 million.
Level 5 bidding started on a vendor bid of $700,000 and again the Newcastle investor fought off one rival.
Auctioneer Andrew Dixon said interest in the property had been high in the lead-up to the auction attended by a crowd of more than 30 people.
“The price was more than I anticipated for level 4 and about right for level 5,” he said.
“The buyer will source a tenant for level 5 and already has an income stream on level 4.”
Level 4 is rented for more than $110,000 a year.
A mix of tenancies occupy level 2 and legal firm Harris Lieberman leases level 3.
The auction was conducted on the top level with the former owner of the building Brad Trotman in attendance.
He announced earlier this year he was taking a break from public accountancy and recommended his clients switch to Albury-based WHK as part of a merger deal.
More than 20 staff formerly worked for Mr Trotman at the building opened less than five years ago.