RSS FeedsMolendinar auction attracts 132 bids – Gold Coast News – goldcoast.com.au
August 21st, 2009
A LEASED industrial holding at Molendinar sold under the hammer for $1.6 million on Tuesday after a marathon auction that attracted 132 bids.
A LEASED industrial holding at Molendinar sold under the hammer for $1.6 million on Tuesday after a marathon auction that attracted 132 bids.
The sale at the no-reserve auction was forced by court-appointed trustees Mark Reaburn and Paul Dent, of Reaburn Solicitors.
The 2403sq m property, which houses a freestanding building, at 16 Manufacturer Drive attracted 15 registered bidders.
Offers opened at $500,000 and many bids later the property sold to a Gold Coast investor.
Agent Kris Sonter, from LJ Hooker Commercial Gold Coast, said the auction aroused interest from as far afield as South Africa, thanks to an online bidding system.
“It was an amazing scene. There were bids coming from every direction in the room, on the phone and online,” he said.
“I think the no-reserve auction created more interest than normal.
“Still, it is a great commercial property offering fantastic returns for investors or a quality venue for businesses.
“The sale is also an example of how well the auction process can work.
“We wouldn’t have got this result through a traditional sale.”
Mr Sonter said the holding had easy access north and south via Smith Street and the Pacific Motorway.
Its 950sq m metal-clad building has a reinforced-steel frame and a gantry crane.
The premises sits on a battle-axe-shaped parcel within an Industry 1-zoned area, allowing for 24-hour industrial operation.
Master Steel Industries, a manufacturer of fabricated structural metal products, holds a three-year lease on the property, which returns more than $103,000 a year net.
The holding was sold by Dirmak and Jewelban, companies linked to the Kumarasinghe and Saunders families respectively.
The companies bought the holding in 1994 for $115,000 in a deal with Talcox, a company associated with Ivan Srnec.
Auctioneer Karl Secondis said that in his 15 years of conducting auctions on the Gold Coast, Tuesday’s event was one of the most exciting he had been involved in.
“To get a result like this was fantastic,” he said.
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