Australia's first commercial sale via online bidding secured

September 02, 2010 | Industrial | Retail | About Colliers International | Office

Australia recorded its first commercial property sale via live online bidding today, with a Newcastle industrial facility selling under the hammer by Colliers International to an expat-Australian living and working in Singapore.

The buyer placed 15 bids online against two local investors who were in-room and one phone bidder in Newcastle.

The property, at 6 Laurio Place in Mayfield West, was secured for an eventual $1.152 million for a yield of 8.1 per cent.

Also sold, as part of Colliers International NSW Spring Auction Portfolio, was a mixed-use Dural development for $6.2 million, at a yield of 7.5 per cent, and a vacant Roselands commercial and office facility for $1.801 million.

Two Sydney properties, valued at a combined $22.5 million, are under negotiation.

Matthew Meynell, Colliers International Director of Investment Sales, says the online buyer had previously sought to acquire commercial property in Australia, however was frustrated with having to arrange Power of Attorney or a representative to bid on his behalf at auctions.

"After learning about the service offered by Colliers International and PTY Property, he was happy to participate and ultimately secure the holding," he said.

"Today's auction results reinforce that strong fundamentals in property will always attract competition.

"The Dural mixed-use holding, which was sold for $6.2 million, has exceptional national tenancies in place, including ANZ Bank and coffee franchise Gloria Jeans, providing great security with the upside of seven residential units on level one and 41 basement car spaces giving the new owner comfort in having many income streams.

"An owner-occupier snapped up the Roselands holding, at 24 Leggie Street for $1.801 million, which has been identified for future residential redevelopment, again supporting buyers will take an opportunistic approach when properties are well located and close to public transport."

 

For further information please contact:

Sarah Stewart
National Communications Manager
Tel: +61 2 9257 0210
Mob: +61 411 66 1544  
Email: sarah.stewart@colliers.com  

Back to listing