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Coburg North Office Sold Under Hammer

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An industrial warehouse/office site at Coburg North on Melbourne’s northside has been sold at auction for well above its reserve price.

The property on a land area of approximately 1038 sqm at 12 Louvain Street, Coburg North, was sold as a vacant possession to a local owner-occupier by Paul Rizzo and George Kelepouris of Ray White Commercial Oakleigh on behalf of a private owner for $700,000.

“We had a great on-site auction for this property with around 20 people attending and four bidders involved,” Mr Rizzo said.

“Bidding started at $500,000 and following more than a dozen bids it was sold under the hammer for $700,000, which was $50,000 over the vendor’s reserve.

“The fortunate owner occupier that was successful was very pleased to secure the property for his business.”

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Mr Rizzo said the site had been purchased through another agency about 12 months ago for $650,000.

“Due to circumstances the owner needed to sell so it was pleasing for them to make a profit,” he said.

Mr Kelepouris said there was a total building area of approximately 280 sqm, including a 210 sqm shed complete with 3 phase power and a 70 sqm office.

“This was a fantastic opportunity to secure a quality piece of industrial property in the heart of Coburg North in close proximity to the Lincoln Mills Homemaker Centre and new Coles Shopping precinct currently under construction,” he said.

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Article originally posted at: https://theurbandeveloper.com/articles/coburg-north-office-sold-hammer