A Wangaratta CBD property promoted as arguably the best retail address in the city has sold at auction for $2.34 million.
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The Reid Street store is leased to Provincial Home Living, which had its origins in the shop in 2002 and grown to 33 stores nationwide.
It was owned by Provincial company chairman Peter Pausewang with the successful bidder at Tuesday's auction being a Melbourne-based investor.
The shop was last put to market in 2002 and sold for $555,000.
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The property adjoining the Co-Store shopping centre was declared on the market at $2.11 million in the auction conducted by Wangaratta-based agency Garry Nash & Co in conjunction with Gross Waddell ICR.
Bidding steadily rose, mostly in $10,000 increments, before being eventually selling under the hammer.
Provincial presently pays an annual rental of $133,178, representing a yield of about 5.6 per cent.
"It went a bit better than we anticipated," Gross Waddell ICR agent Alex Ham said.
"It turned out to be a very good result for the vendors."
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