Torquay freehold sells for $3.81 million

A TORQUAY freehold site has just gone under the hammer this afternoon for $3.81 million, well above the reserve price.

Commercial real estate agents Darcy Jarman held the auction for 1 Baines Crescent on site at 2pm today, with half-a-dozen parties putting in bids before a local investor cinched the sale.

The 1,863 sqm site is occupied by four long-standing tenants and has 880 sqm of total building area in a central and tightly-held location in Torquay.

“We were quoting a price range of between three and a quarter (million) and three and a half (million), so it exceeded our reserve by over $300,000,” Darcy Jarman director Tim Darcy said.

“It’s a good result, a positive result, and further evidence and vindication that the Geelong region, the Surf Coast and Torquay in particular, is a sought-after real estate area at the moment, not only for residential real estate but also commercial real estate.”

He said Darcy Jarman serviced just under 90 direct enquiries for 1 Baines Crescent during the marketing campaign for the property.

“We had a good, strong attendance there today – probably 50 people – and we had six bidders actively participating today under auction conditions.

“It was good to be on site. We think (live auctions) certainly work better and have a far greater appeal to those who are participating, and it was good to deal with them face to face.

“There were several parties there today who were Melbourne-based – some had people there bidding on their behalf, others managed to find their way there.”

Mr Darcy said the sale price represented a return on capital investment, based on the rent being paid, of about 4 per cent.