STORY ACCREDITATION: The Border Mail July 26, 2024 | WRITER: Beau Greenway
Dixon Commercial Real Estate auctioneer Andrew Dixon calls for bids for an almost 4000-square metre property on Wagga Road in Lavington, home to Marshall Batteries, on Friday, July 26. Picture by Phoebe Adams
A commercial building in a busy stretch of Lavington has been snapped up for close to $2 million after auction on Friday, July 26.
The 3925-square metre corner property on Wagga Road, home to national franchise Marshall Batteries and five other businesses, was passed in for $1.75 million, but a price was agreed upon above that figure shortly afterwards.
Marshall Batteries has frontage to Wagga Road, while the other tenants are situated on McDonald and Griffith roads.
Personal training venture Styles Health, Albury Cabs, heat transfer supplier Velflex Imports and motorcycle ship All Gear Boys Toys face McDonald Road, while NDIS provider My Team Support Services holds the unit at the rear of the property and has its entrance on Griffith Road.
Auctioneer Andrew Dixon, of Dixon Commercial Real Estate, accepted an opening offer of $1.7 million, which was then increased to $1.75 million before the property was passed in.
“There had been strong interest, and I think the final result was fair for buyer and seller,” he said.
“It’s a large site, so it was a good result.”
A crowd of about 30 gathered for the auction of a large commercial property on Wagga Road in Lavington on Friday, July 26. Picture by Phoebe Adams
It has a combined rental income of more than $170,000, with Marshall Batteries and My Team Support Services the largest contributors.
Mr Dixon said there was an opportunity for rental growth for the new owner.
“Albury-Wodonga, being a major regional centre, is booming,” he said.
“Industrial land values and commercial rents are increasing, population base is increasing, and the opportunity to buy good commercial property is decreasing.”