Power but no surge: Lavington industrial site passes in for $550,000

The block, part of the Northpoint Industrial Estate on Woolpoint Court, came with its own substation, something auctioneer Oscar Dixon, of Dixon Commercial Real Estate, described as a key selling point.

"You can see here to my right a three-way kiosk substation which has been installed by the vendor at significant costs," Mr Dixon told an audience of about 10 on Friday, February 16.

"It provides capacity of over 200 amps which would allow for heavy machinery to be operated on the property and something that's not necessarily offered as part of a new build.

"Generally, developers like to sort of cut their costs and try and make the build as cheap as possible and power is the first thing that they take out of their development scope."

Opening the auction, Mr Dixon said the property, close to Wagga Road, had been quoted during the marketing campaign as likely to fetch $600,000 and upwards.

"Do we have a bid of $650,000?" he asked the spectators. "What about $600,000? Raise your hand. I should remind you kiosk substation here is about 150 grand worth of gear sitting right here.

"So you add that to your sale price and you can factor that in and you know the land becomes pretty well affordable at 600,000."

Mr Dixon then placed a vendor's bid of $550,000 which was not met with a single counter bid.

In February last year, an almost 8000-square-metre block on the same road was passed in at auction for $875,000, way below the reserve, after receiving just one bid.