Albury's Officeworks store has sold for a bumper price at auction.
The central Albury property on the corner of Smollett and Young streets sold for $10.95 million after being passed in at a 2010 auction for $5.2 million.
The super result for an investor group including Albury-based members represents a yield of 4.79 per cent which is a record for a property of its type in regional Australia.
It broke a previous best Officeworks result in Hervey Bay, Queensland that sold in November last year for $6.25 million on a yield of 5.59 per cent.
The sale to a Melbourne buyer took place at a portfolio auction staged this week by agents Burgess Rawson with L.J. Colquhoun Dixon conjunctional agents.
"It exceeded our expectations," agent Andrew Dixon said.
"There have been a number of Officeworks buildings sold over the years and this is certainly the highest sale price and firmest yield for a regional property.
"There would have been capital city Officeworks in capital cities sold for similar, but in regional Australia it has to be right up there."
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The site was formerly home to Phillips Marine before becoming a Sizzler restaurant until its closure in 1998.
After redevelopment, Officeworks opened a year later.
"It is a significant site in Albury and the property was keenly sought after," Mr Dixon said.
There were 10 registered bidders for the property with a new six-year lease commenced in January this year.
The buyer and two underbidders were Melbourne-based investors who are extremely active in the Albury commercial market presently.
Meanwhile, a unit complex in Cowper Street, Albury also sold at the same auction for $2.45 million, 23 per cent or $450,000 above reserve.
It was sold to a Sydney investor after the property was sold about four years ago and the units refurbished.
L.J. Colquhoun Dixon will auction the Albury Hobby Store building today.
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