A vacant industrial office and warehouse owned by a Border bank has sold at auction for more than $1.5 million.
The almost 1000 square metre building on Trafalgar Street in West Wodonga, set on more than 2200 square metres of land, was snapped up for $1.53 million on Friday, October 27.
Purchased by Hume Bank in 2013 as a contingency branch, the property has an office space of around 385 square metres at the front, with a 585-square metre warehouse built behind it.
Bidding opened at $1.2 million and quickly jumped in $50,000 increments to $1.4 million.
A rise of $25,000 was enough to get the property on the market at $1.425 million, and it made its way to $1.5 million with three more increases of the same value between two parties.
The property looked to be secured at $1.52 million, but a further offer of $10,000 proved the winning move as the hammer fell at $1.53 million.
Auctioneer Andrew Dixon, of Dixon Commercial Real Estate, said the buyer was a Border businessman who planned to occupy the property.
IN THE NEWS:
- 'It was a train wreck' - damning verdict on the real Corowa fallout
- You wouldn't believe how many people the Roos have spoken to
- Milestone man is now 'ready to take the competition by storm'
- Lens, lights, legends: photos take you on a rock 'n' roll odyssey
- YOUR SAY: Ratepayer 'devastated' no hospital debate by councillors
- 'More people are dying': Truck boss wants data to shape road funding
- Plans lodged for new 'Emberz' strip club in the heart of Albury's CBD
"He's been leasing property in Wodonga and has been wanting to buy something to move his business to, and now he's been able to do that," he said.
"Over the last 12 to 18 months as the region continues to prosper, the industrial market has tightened.
"The market continues to perform well and vacant industrial property that is available will always sell well.
"When this building was constructed, we let it out at $4 a square foot and now we're looking at $90 to $100 a square metre.
"For those people that are fortunate enough to own commercial industrial property in Albury-Wodonga, you'll enjoy the long-term benefit."
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: