An Albury supermarket sold for more than $7 million to a Border investor at auction yesterday.
East Albury IGA attracted offers from six bidders and was snapped up for $7,010,000.
Bidding started at $6.2 million and the property came on the market at $6.8 million, which was followed by three more offers to reach the final price.
The auction was conducted by Melbourne agency Burgess Rawson at Crown Casino, in conjunction with the Border’s LJ Colquhoun Dixon Real Estate.
Director Andrew Dixon said there was spirited bidding which showed there was no effects from recent interest rate rises.
“It was sold to a local Albury investor,” Mr Dixon said.
“The vendor was based in was based in Wagga and had a relationship with the Mathews family who ran the IGA.
“They built the supermarket for the Mathews family and they traded under the IGA banner.
“The family that owned the freehold decided they wanted to sell it, subject to the long-term lease to IGA.”
Mr Dixon said there was a return of more than six per cent based on annual rent of $437,035 plus GST and outgoings.
Extracted from The Border Mail