Commercial confidence

Bendigo Weekly | Bendigo Weekly | 18-Aug-2017

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SEVERAL high-profile commercial sites in the heart of Bendigo have changed hands in a series of sales agents describe as a real confidence booster for an already buoyant local market.

Two high profile commercial sites in Bendigo’s central business district were sold at auction last Friday, with the strong sales results highlighting the positive belief and support for the city’s inner-city market.

Bidding for the adjoining commercial one-zoned properties at 35-37 Mitchell Street opened at $800,000 before a good-sized crowd of onlookers and neighbouring business owners, before two would be buyers engaged in a furious bidding war that eventually realised a selling price of $985,000.

Attention then turned to the two-storey building at 352 Hargreaves Street, which features 114 square metres of space and rear access from Bath Lane.

DCK Real Estate managing director and auctioneer Robert Ketterer pointed out to the crowd that there were plenty of high-profile neighbours and no vacant shops along the popular strip.

The property eventually sold for $380,000, after an opening bid of $300,000.

Mr Ketterer said the positive auction results and high level of interest in both auctions demonstrated the confidence and strength of the Bendigo CBD.

The prices obtained at auction reflect yields of approximately 5.6 per cent for both offerings, which Mr Ketterer said was a strong result for the Bendigo market.

“Both properties had been held by their respective owners for a long time, and it’s rare to see property of this calibre come onto the market,” he said.

“Both our successful purchasers are long term investors into the Bendigo market, and especially in the CBD, and their decision to continue to purchase at auction on Friday is another demonstration of the confidence that exists in the local property market.”

Agents in conjunction for both auctions were Melbourne-based Burgess Rawson.

Mr Ketterer yesterday also confirmed the sale of another large land holding in the centre of Bendigo, with confirmation of the sale of 113-133 Mollison Street.

Covering 8156 square metres of land including seven tenancies and 93 car spaces, the property enjoys three street frontages within close proximity to the railway station, Bendigo Marketplace and the rest of the CBD.    

The sale of 113-133 Mollison Street was conducted via an expressions of interest process, with conjunctional agents DCK Real Estate and Gross Waddell quoting a price range of $8 million plus. 

Mr Ketterer said the substantial holding had been sold to a Melbourne-based investor looking for opportunities in the Bendigo market who had previously identified Bendigo as somewhere to be.

DCK will also auction the high-profile corner site on 435 square metres at 112-114 Mitchell Street, currently occupied by the RACV, this afternoon at 2pm.

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