90% CLEARANCE RATE AT RECORD BREAKING AUCTION
27 March 2017 | 3 min read
Coutts and Norwest Commercial & Industrial held the first of its “Auction Days” on Thursday (23 March) and achieved a very pleasing 90% clearance rate of the ten commercial/industrial properties submitted for lease. This is the first time so many properties have been brought together in a single event in the local market.
It was no surprise that the sale of 2 Lennox Place, Wetherill Park garnered the most interest, being a freestanding warehouse with four roller shutters with ample yard space. Enquiry was overwhelming with over 60 parties requesting contracts. When the hammer fell at $2,286,000, close to half a million dollars over the reserve and $700,000 more than the owner acquired the property just ten months ago, the vendor and Coutts team, led by Garry Norman, were ecstatic with the result.
In total, almost $9m of commercial property was sold, most being hotly contested between several parties eager to secure property for their own use or investment. The prices achieved for the vendors reflect the overall lack of supply of good quality property for sale.
Director Grant Beaumont noted:
“The drama of the auction room was there for all to see. A marvellous game was played between the auctioneer, agents, vendors and bidders. At the end of the day, we are pleased that the only “losers” (if there has to be a loser) are those that missed out on securing a property, but we hope to satisfy them at our Winter Auction Day where we expect to have an even more extensive line up of superb properties on offer.”
Norwest Commercial are now seeking entries for its Winter Auction to be held in late June and early July.