A Wangaratta commercial site located not far from the city's central business district has sold for $2.7 million, well above what had been expected.
The industrial site at 11-29 Sandford Road, south of the centre of town, went under the hammer yesterday with the vendor hoping for a price above $2 million.
LJ Colquhoun Dixon director Andrew Dixon said about 60 investors, developers and businesses from the region had expressed interest. Mr Dixon said the site had been operated for many years by the Booth family, who ran a transport business.
"It passed in at $2.3 million and than sold after the auction at the reserve for $2.7 million to an Albury investor, who cannot be named.
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"We expected the buyer's price to be more than $2 million."
Mr Dixon said Wangaratta was similar to Albury in that there was not much industrial land available, with opportunities such as Sandford Road "few and far between".
The building area at Sandford Road of 1800 square metres is spread over three warehouses and has features such as three-phase power, a weighbridge, a gantry for a crane and open bay high clearance sheds, along with a kitchen.
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