With three registered bidders jostling for the property and another four in the audience watching the auction online, the office building at 126 Darby St Cooks Hill that comes with some retail space sold for $2.25 million, a result that exceeded the vendor’s expectations.
Returning $144,846 annually from three tenants including a long-standing dry cleaner, a kebab shop and a beautician on the first floor, this older style two storey building is full of character, apparently captured the eye of the online real estate investing community.
Listing agent, Steven Dick Director of Raine & Horne Commercial Newcastle believed this result proves that online under the hammer sales will turn the auction process on its head in Newcastle.
“Bidders have to download the “Openn Negotiation” app, pre-register and execute documents in terms suitable to the owner and then place a bid at any time before the final bidding stage,” Mr Dick said.
Then buyers anywhere in the world with internet access can start bidding, Mr Dick noted.
“There’s no more having to attend a stress-filled auction room, no more having the eyes of the audience upon you, no more whispering as secret negotiations take place,” he said.
“Openn Negotiation provides an entirely transparent process with the sellers and buyers in total control and fully aware of what everyone else is bidding.”
Online auctions are the most exciting change to occur in real estate since the mobile phone and internet marketing, according to the Raine & Horne Commercial Newcastle director.
“Online property auctions take real estate sales into the 21st Century by embracing the technologies that everyone has become accustomed to using.”
Raine & Horne Commercial Newcastle has 3 auctions set for September, with 2 to be sold via Openn Negotiation and one in-room.
“Openn Negotiation gives owners and buyers another choice,” Mr Dick added.
Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.
The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.
Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.