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Bidding war breaks out over commercial property

By Lyall Russell
03 December 2019 | 1 minute read
Sunderland Drive

There were five registered bidders, but really there were only two who really wanted a vacant Bridie Island office space.

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The Banksia Beach, Queensland, property had nine inquiries and five inspections during its four-week marketing campaign, which gave little indication of the auction show to come, Ray White Northern Corridor Group principal Chris Massie said.

“You could have been forgiven for thinking that a blue-chip national was on the auction block when bidding began,” Mr Massie said.

On auction day, a bidding war quickly broke out between a speculative investor and an owner-occupier.

“This really showed the power of the auction process to achieve premium results through competition,” he said.

It did not take long for the reserve to be met, as it was surpassed within the first 10 bids.

“It started with jumps in fifty thousand dollar increments, then the war of attrition began that saw the owner-occupier eventually win out after 191 bids,” Ray White Northern Corridor Group sales and leasing executive Aaron Canavan said.

The local Ray White Group’s head auctioneer, Brocke Hambrecht, has conducted many auctions over the years, and he had never seen anything like this.

“I’ve called over 1,000 auctions, including marquee Melbourne residences, and I’ve never experienced this level of bidding,” Mr Hambrecht said.

“There’s a long-held belief that commercial property doesn’t involve emotion. It’s just not the case.”

When the hammer went down, the property sold for $1,650,000.

Bidding war breaks out over commercial property
Sunderland Drive Banksia Beach reb
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