'Prime' Wodonga commercial, residential site passed in for $700,000

Andrew Dixon of LJ Colquhoun Dixon Real Estate said prior to auction he hoped the 625-square-metre block would fetch considerably upwards of $700,000.

With not a single bid, the site at 4 Thomas Mitchell Drive was passed at in the vendor's bid of $700,000 just after lunch.

Later in the afternoon, the rumour on the street was the property had sold for $750,000.

Mr Dixon said there had been much interest in the property, mostly from local people, as there were few vacancies for commercial and office space in Wodonga.

"It's position and frontage - 27 metres - is what makes it attractive," Mr Dixon said.

"It's very easy to get to and very easy to park which is a huge drawcard in Wodonga.

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"Also the fact that it comes with four reliable tenants is another selling point.

"The dry cleaner has been there for more than 30 years, and the hairdresser has also operated there for many years."

The ground level of the building houses four shop-front tenants - a dry cleaning business, leather workshop, hairdresser and defence gear supplier. There is a two-bedroom, one-bathroom 85-square-metre apartment on the first floor.

"The building is in the heart of Wodonga's CBD and has potential for a mixture of commercial and residential development," Mr Dixon said.

"There's ample parking available and car parking at the front is incredible for business.

"It's a beautifully positioned site with big frontage to Thomas Mitchell Drive."

When no bids were received, the price of the property was negotiated about 30 minutes later and bought by an unidentified Wodonga businesswoman for an undisclosed amount.

"The price was at the vendor's reserved price," Mr Dixon said.

Mr Dixon said the combined rent of the site drew just over $50,000.

"But, down the track, there is of course scope to develop," Mr Dixon said. "You could knock the building down and build a three or four level mixed residential and commercial place on the site."

The auction attracted about 40 onlookers including former funeral directors Tony and Monica Conway, and Bill Toole of Toole's Disposals fame.

Paul Oberin, from Paul's Ski Shop next door, said he was curious to see how high bidding would go given the potential of the site.

"I used to be located in High Street but there was a one-hour limit on parking which caused problems when you're trying to load up with skiing gear," he said.

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