Wodonga industrial lot almost fetches $3 million at auction 35 years after last sale

The more than 4000-square metre lot on Osburn Street, with 2300 square metres of building, was sold under the hammer for $2.91 million to a Border investor on Friday, November 3, after strong bidding between three parties.

An opening offer of $2.6 million was accepted by auctioneer Andrew Dixon, of Dixon Commercial Real Estate, before it rose in $50,000 increments and was on the market at $2.8 million.

Bids of $25,000 followed as the property reached $2.9 million, before a rise of $10,000 was enough to secure the purchase at $2.91 million.

The property, opposite Arnold's Fruit Market, has been owned by the Freer family since 1988 and was leased to building material supplier Laminex for more than 30 years before its recent move to a larger site in Thurgoona.

Ryebucks Portables became the new tenant in February 2021 and is halfway through a five-year lease.

"The Freers have moved out of town and now live in western Victoria and decided the time was right to sell it," Mr Dixon said.

"There was certainly an emotional attachment to the property because it has always been well leased.

"Ryebucks Portables are here now and have a very solid business after moving to Wodonga in 2021.

"The vendor is very happy. It was a very strong result."

Mr Dixon said the industrial market in Albury-Wodonga continued to perform well and vacancy rates were as low as he'd seen in his 35 years in real estate.

"I don't think there's an industrial building for lease, very little office space for lease and very few shops in the main street," he said.

"As a result, it puts pressure on rents to increase and it also gives confidence to those buying property."

The sale comes a week after the agency sold an industrial property, owned by Hume Bank, on Trafalgar Street in West Wodonga for $1.53 million.

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