The subject property was sold at auction for $890,000 – almost 10% above the reserve set by the Seller.
The property was offered for sale by Jim Payne of Ray White Commercial on behalf of the Mortgagee Exercising Power of Sale and submitted for On-site Public Auction on Saturday 15th March 2014. The marketing campaign produced 33 enquiries from local & interstate parties with the successful buyer being a local business man.
With 10 registered bidders amongst a crowd of approximately 60, bidding commenced at $500,000 and quickly went past the reserve, ultimately selling at $890,000.
The property is located on Gallery Walk at 155 Long Road and is perhaps better known as ‘Crystal Inspirations Gallery’. It is quite unique in many ways, being architecturally designed and built using various timbers, and with an attention to detail in construction displays craftsmanship not commonly seen today. The property featured a timber residence of 3 bedrooms plus an office and double garage to the rear of the 1,755 m²* land parcel. The approvals for the property include a Gallery, Café with onsite parking for 15 cars.
It was a highly successful day with both Seller and Buyer extremely happy with the transaction. The sale set a benchmark for the street as nothing has sold in Gallery Walk for some considerable time.