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The property was sold at auction by Ray White Commercial’s Mark Dann for $1.46 million under instructions of Receivers and Managers.

18 Proe Street is a 438m²* property with an older style warehouse of approximately 428m²*.

The property features include a timber floor warehouse area with a loading dock to the front left- hand side. There are two office ‘pods’ constructed within the warehouse and rear stairs lead to a sub floor storage area. The property has a brick façade at the front and timber frame with congregated iron sheeting walls and roof.

8 Proe Street was sold on a vacant possession basis and attracted a high level of enquiry from owner occupiers, investors and developers.

Sales Analysis*
Method of Sale:Auction
Marketing Time Frame:6 weeks
Auction Date:11 Apr 2014
Enquiries:71
Registered Bidders:8
Number of Bids:18
Starting Bid:$900,000
Sale Price (Under the hammer):$1,460,000
Reserve:$1,310,000

 

*approx