Inner West Industrial Property - Sold $641,000 above reserve
There was no fooling around at the auction for this older style industrial building in Marrickville held on 1st April.
From the strong enquiry received throughout the campaign the agents handling the sale knew to expect some action once opening bids were called for. Agents Luke Smith and Nicholas Smith received in excess of 100 enquiries on the property.
The property itself consists of an older style factory building with first floor offices and about 490sqm of adjoining vacant land. It was leased to a printer whose lease is close to expiring and is returning $104,000 per annum gross.
‘The majority of enquiry came from owner occupiers, with a smaller number, maybe 20% from investors’ said Luke Smith Director at Raine & Horne Commercial. ‘The success of this campaign shows that there is good demand for industrial property in locations close to the CBD and Ports.’
‘The auction opened at $2,000,000, with bids being fielded from 10 prospective purchasers, racing past the vendor’s reserve’ said selling agent Nicholas Smith. ‘Even more surprising was that 4 different bidders made bids above $3,000,000. This shows that not only is the market strong, but also that there is good depth.’
The final result was a figure $641,000 above the vendor’s reserve. ‘We now have at least 9 buyers that missed out that are ready to buy similar types of property’ commented Luke Smith.
Address: 72-82 Addison Rd, Marrickville
Sale Date: 1 April 2014
Agents: Luke Smith 0416 281 577 & Nicholas Smith 0407 787 288
Raine & Horne Commercial PH 02 9572 8855
Price: $3,141,000