An Oakleigh showroom saw an abundance of action on auction day, eventually selling under the hammer for $2.88 million, $630,000 above reserve.
Located at 2 Kingston Town Close, the 1,698sqm property comprises a 500sqm building which is leased to Rosemount Kitchens.
The property was marketed by RWC Oakleigh agent Theo Karkanis on behalf of investors based in New York and Canberra.
Mr Karkanis said the sellers were moving overseas and this was their last property in Australia.
“We had a lot of interest in this property, with 26 inspections prior to auction, and seven bidders on auction day,” he said.
“Bidding started at $1.8 million and was announced on the market at $2.25 million.
“The property received 32 bids before eventually selling under the hammer to a local investor.
“The sellers were extremely happy with the result, after trusting me to take their property to auction.”
Mr Karkanis said industrial properties in the area were tightly held.
“People were attracted to the location, the strong lease covenant, and the large industrial land holding,” he said.
