A small industrial building in a tightly-held Wodonga estate sold under the hammer for more than $400,000 on Friday, August 18.
The 177-square metre shed and attached office, set on about 250 square metres of land on Trafalgar Street, off Moorefield Park Drive, is tenanted by cash security company Prosegur and was snapped up for $420,000 after offers from four different parties.
Auctioneer Andrew Dixon, of Dixon Commercial Real Estate, started proceedings with a vendor bid of $380,000.
The first offer from the crowd came in at $385,000, which was followed up with a bid of $390,000.
A phone bidder then upped the price to $395,000, before $5000 offers were exchanged to get the property on the market at $405,000.
Two more $2500 rises were accepted, before bidding was reduced to $1000 increments.
The leading bidder from the crowd jumped in to make it $415,000, but after two smaller rises, a phone bid of $420,000 was enough to secure the property.
Mr Dixon revealed the buyer was a Sydney investor who had previously purchased commercial real estate in the Border region.
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"It's a small and affordable commercial investment," he said.
"It provides functional accommodation for this particular occupier, but also flexibility in what other occupiers could potentially use the building for.
"The location is first class. It's close to central Wodonga, close to the major interchange leading onto the Hume Freeway, it's easy to get across to Albury and down to further industrial areas in West Wodonga.
"The market is still holding very well. Interest rates are starting to stabilise, but even in the last six months or so when interest rates have increased, commercial values really haven't been affected much at all locally.
"For Wodonga particularly, it's the first time in many years that we've got a very low vacancy rate. There's hardly an industrial property, an office or a shop for lease."
The site has an annual rental income just shy of $25,000, with a one-year lease in place with Prosegur, the tenant of more than 15 years.
Prosegur merged with Linfox Armaguard in June 2023.
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