Two buyers make 300 bids in battle for Abbotsford property
A bidding war for an Abbotsford commercial property saw two bidders accumulate a whopping 300 bids.
The marathon auction for the site at 50-54 Duke St lasted 35 minutes and fierce competition between resulted in the price soaring $426,000 past reserve.
After each bidder raised their hands 150 times, the hammer finally fell at $3.126 million.
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Teska Carson agent Matthew Feld said an owner-occupier fought off a land banker/developer for the 675sqm site.
The building is currently used as an office.
“The buyer was a local owner-occupier who plans to move their business from Richmond,” Feld says.
“It is a good land holding in what is already a good location, but one that is only going to get better.
“Abbotsford is now one of the few inner suburbs which is still offering opportunities like this for
investors and developers or owner-occupiers.”
The building is home to a telecommunication and electronic engineering company, featuring eight car parks and zoned Industrial 1 under the City of Yarra Planning Scheme.
The 675sqm site has eight carparks.
Feld says the quiet residential market is definitely not impacting commercial property.
“This was an exceptional result reflecting the rapidly growing desire for property in Abbotsford from a broad cross section of the market,” he says.
“(It) has resulted in a vacancy rate that is currently tracking at an all-time low.”
The property last sold for $885,000 in 2016.
This article from Leader Newspapers originally appeared as “Two bidders, 300 bids in marathon auction for Abbotsford property”.
