Recently renovated asset in Northern NSW Corridor sold for $1.935 million at auction
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Jun 28, 2020
Recently renovated asset in Northern NSW Corridor sold for $1.935 million at auction
A historically-rich investment opportunity at 2-4 Commercial Road, Murwillumbah has been sold at auction for nearly $2 million through REAL Specialists Commercial's Assi Dadon, in conjunction with Adam Grbcic, formerly of Ray White Commercial Collective.
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REAL Specialists Commercial2-4 Commercial Road, Murwillumbah.
The aesthetics and history of a fully tenanted investment in north-east NSW has charmed a local investor into making the successful bid for the property at auction.
Built-in 1923 and anchored by the Southern Cross Credit Union and ETC Recruitment Agency, 2-4 Commercial Road, Murwillumbah had two vacancies (approximately 12 per cent) at the time of auction early in June, which the owner offered a rental guarantee over for a 12 month period (from settlement date).
The property was able to be held onsite as the COVID 19 restrictions eased, contributing to the result on the day.
At a glance:
- A fully tenanted investment at 2-4 Commercial Road, Murwillumbah has been sold to a local investor for $1.935 million at auction.
- The property was sold at a 9 per cent net return based on passing net income, following a marketing campaign from REAL Specialists Commercial's Assi Dadon, in conjunction with Adam Grbcic, formerly of Ray White Commercial Collective.
- Built-in 1923 and anchored by the Southern Cross Credit Union and ETC Recruitment Agency, the two-storey freehold building has a total net lettable area of 410 square metres.
The auction had three registered bidders and a further three parties either on the phone or present at the event, who wanted to enter into a conditional contract.
The property was ultimately sold for $1,935,000 to a local investor who we had not previously dealt with during the campaign.
Source: REAL Specialists Commercial
According to REAL Specialists, the campaign generated 54 enquiries and two written offers prior to auction.
Selling agent Assi Dadon said although the property was purchased at a 9 per cent net return based on passing net income, the main attraction was the building itself.
"The buyer was drawn to the aesthetics and history of the building more so than the income," he said.
The property was sold by Mr Dadon, in conjunction with Adam Grbcic from Ray White Commercial who has recently joined Kollosche Commercial.
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Important Information:
Contact details:
Assi Dadon
REAL Specialists Partner
+61415 598 588
Email
13334
13062
Assi Dadon
