End of an era as Italian family sells final Border property at auction

The sale of the H&R Block office building on Stanley Street for $563,000 on Friday, March 8, to a Wodonga investor marked an "emotional farewell" for Cheshunt's Vic and Margherita Parisotto.

Four bidders vied for the 112-square metre tax accountants office, which started at $450,000 and moved to $480,000 in rises of $5000 and $10,000 where auctioneer Andrew Dixon, of Dixon Commercial Real Estate, placed it on the market.

However, the auction pressed on as two parties continued to exchange offers varying from $5000 to $15,000 to get it to $560,000.

A bid of $2000 was put forward, followed by an increase of $1000, which was enough to secure the property.

"It's beautiful. I didn't expect so much," Mr Parisotto said.

"We've had it for about 25 years."

Mrs Parisotto said they had a great relationship with the Dixon family with Andrew's late father, Geoff, having sold them the property.

With no family here in Australia, Mr Parisotto said they made the difficult decision to move back to Italy.

"We're the oldest of the family and all the younger ones live in Italy, so we've got the support over there," he said.

"We've worked enough, so we'll have enough money to live on."

Mr Parisotto moved to Australia in 1960 and the pair married in 1967.

"We loved our time here and we'll come back. You can't forget it after 63 years."

Sales agent Oscar Dixon said the result netted the Parisottos a yield of more than 5.5 per cent.

"The market is holding its own," he said.

"It was a very well received campaign."

H&R Block committed to a new five-year lease in January and have been the tenant for around 20 years.

The property has an annual rental income of more than $32,000.

Meanwhile, Stean Nicholls Real Estate sold a 941-square metre residential block with foundations for a four-bedroom home on Rosella Ridge in East Albury under the hammer for an undisclosed amount above $350,000.

Agent Jack Stean said two bidders contested the auction.

"With the money that's already been spent on the property, there's some good value add for a builder or someone that is pretty handy and has some nous to finish it off," he said.

Stean Nicholls has five house auctions on Wandoo Crescent, Pemberton, Jones, Queen and Tribune streets in Albury on Saturday, March 9, while McGrath will aim to sell a two-bedroom unit on Hovell Street in South Albury.