Blaise Hutchinson, of Medawa Pty Ltd, entered the bidding late but held on to claim 613 Dean Street, a two-storey brick building on a site that measures about 893 sq m.

“We’re happy with the buy,” Mr Hutchinson said after the auction at The Albury Club.

“We wanted it; we almost didn’t do it and then we got a second wind.”

The auction started slowly –  nearly two minutes passed between auctioneer Geoff Stean, of Stean Nicholls Real Estate, opening the bidding and the first offer of $1 million.

But 57 bids followed over the next 15 minutes, spread among five parties from the 13 registered bidders.

An audience of about 50 people watched on as the auction progressed, some bids coming via telephone.

The price generally rose first by $100,000 at a time before contracting to increments of $10,000 and eventually $1000.

Seven times before the finale, Mr Stean called once, with two of those calls also going on to twice.

But on each occasion another bid came until at last only Mr Hutchinson remained.

Mr Stean told the crowd Westpac sold the building in 2003 as part of its freehold dispersal.

Since then the Ridgeway family had owned the property, with the present sale being an estate auction.

“Bricks and mortar, solid building, in a growth centre like Albury-Wodonga,” Mr Stean said.

“To me it ticks every box.”

Stean Nicholls received good interest in the sale and sent out more than 30 contracts ahead of Friday’s auction.

Westpac Banking Corporation’s tenancy yields a net rent of $163,909.11 each year and the lease includes two options of five years each.

There is a total floor area of about 880sq m, 550sq m downstairs and 330sq m upstairs.

The building’s lower floor was refurbished in 2008 and the upper level two years later.

With rear lane access from Townsend Street, the site includes 11 car spaces at the rear.