Post Auction Competition in South Melbourne
An office and warehouse building in South Melbourne, Victoria, has been sold post-auction by agents of ICR Property Group and Little Commercial with vacant possession.
The property at 71-73 Thistlethwaite Street, South Melbourne, is understood to have attracted attention from three buyers even after passing in at auction. ICR Property Group agent, Raff De Luise, and Little Commercial agent, Stephen Speck, marketed the property, which achieved a final selling price of $2.301 million after passing in at auction for $2 million.
The post-auction negotiation for the 1000 sqm office and warehouse on a 766 sqm site, zoned Industrial 1, was described by the agents as an ‘auction after the auction’. “This is typical of today’s buyer at auction; on the one hand reluctant to make the first bid, and on the other, fighting to secure the property afterwards,” said Mr De Luise.
Australian Property Review – Friday 1st April 2011