TWO shops in the “golden mile” section of Warrnambool’s central Liebig Street failed to attract a bidder when put up for auction yesterday.
Auctioneer Bruce Ludeman admitted it would be a tough assignment in the depressed retail economy, but was confident buyers would come out of the woodwork for the prime freehold.
Premises occupied by The $2 Shop was passed in on a vendor’s bid of $700,000 and the premises occupied by Pims Fashions was passed in at $550,000 before an audience of about 10 people.
Both properties were put on the market by the estate of Keith and Mary Winter who had owned them for about 20 years.
Mr Ludeman said three prospective buyers contacted his Ludeman Real Estate office after the auction to express an interest. “The auctions were a bit of a market tester.
“People are cautious and waiting for these difficult economic times to settle down. The vendors are not disappointed, but they don’t have to sacrifice their properties.”
He told the auction audience it was a rare chance to get into the tightly-held Liebig Street market. “It’s in the right section of the golden strip and there are long-term secured tenants.”