Strong results for inaugural Ray White Commercial WA auction event

By Rebecca Holland

Three out of the four properties were sold under the hammer by Ray White Commercial WA at the inaugural Ray White Commercial National Auction Week event.

Spirited bidding and an energetic atmosphere were the hallmarks of the in-room auction, which was held in the purpose-built auction room of the Ray White office, at The Esplanade in Perth, on March 7.

In a first for Ray White Commercial, the event was also broadcast live via online auction platform Gavl. The integration provides the opportunity for buyers around Australia to bid live on WA properties.

“The impetus created by the national marketing campaign and the cross-promotion between properties leveraged interest, contributing towards the strong results,” Ray White Commercial WA director Stephen Harrison says.

Principal and director Russ Parham says: “Everyone worked hard on all the properties throughout campaign and should be proud of the result.”

The highest price achieved on the day was $3.58 million for a near-new medical-consulting investment at 219 Berrigan Drive, Jandakot, pictured above.

Occupied by a medical centre and a pharmacy on a 12.5-year weighted average lease expiry, the three-year-old building is located in a high-growth area with direct access to Kwinana Freeway, selling agent Enrique Reyes says.

Bidding started at $3 million and the final two of the 17 bids were in $5000 increments. The buyer is a Singaporean investor, whose interest was secured during a recent “roadshow” conducted in Singapore by Brett Wilkins and Mr Harrison.

A backpackers’ lodge on land with development potential at 79 Aberdeen Street, Northbridge, sold for $1.92 million. Mr Harrison says the bidder purchased the property while on the phone to her husband in Hong Kong.

On a 645sqm site zoned with potential for a nine-storey redevelopment, the property is opposite The Deen Hotel and close to the new Velo apartment project.

A total of 19 bids began at $500,000 and included a vendor bid of $1.5 million.

A vendor bid of $1 million kicked off the auction for 29 The Broadway, Ellenbrook. It took six more bids to reach the sale price of $1.27 million. Agent Ashley Gibbs says the sellers are ecstatic with the result.

Close to the Ellenbrook city centre and located on a major thoroughfare, the property is leased by well-known business WA Pool Warehouse, which also has three other stores around Perth. The buyer is a local investor.

A modern tilt-up concrete office-warehouse at 44 Tesla Road, Rockingham, was passed in after two vendor bids of $2.4 million and $2.6 million.

However, Mr Parham says several prospective buyers have already spotted the benefits of the affordable investment property, with the advantage of two good tenants to spread risk. He expects the property to sell in the coming days.

Auctions in Sydney and Perth on March 7 and in Brisbane on March 9 were the first in Ray White Commercial’s inaugural quarterly auction event.

Ray White Commercial auctions can be viewed live on iOS and Android devices with the Gavl app.

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