A prominent Warrnambool property has set a new benchmark for retail premises, selling for $3.71 million, $800,000 above its reserve.
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The Monaghans Healthwise Pharmacy site on the corner of Fairy and Lava streets fetched a bumper price at auction in Melbourne on Wednesday.
The ANZ bank premises at 128 Liebig Street also sold for $1.75 million under the hammer at Crown Casino.
It follows the sale of the former Thomas Jewellers' Liebig Street building for more than $2 million in August.
The Monaghans site sold to Ballarat investors while the ANZ premises was snapped up by a Warrnambool buyer.
Both properties were listed with Warrnambool’s Ludeman Real Estate, in conjunction with national commercial real estate firm Burgess Rawson.
Ludeman Real Estate's Mark Dwyer said interest in both properties prior to auction was strong. "These were two very good properties in a bank and a national pharmacy and really strong tenancies and they tend to go well down there (in Melbourne)," Mr Dwyer said.
"The ANZ was a good result and the Monaghans one was a very, very good result. I think the owner would be very happy."
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Melbourne-based agent Jamie Perlinger, of Burgess Rawson, said there was keen interest in Warrnambool from Melbourne and other regional locations.
He attributed the interest to it being a strong regional city and said he was very pleased with the outcome.
"It was a ripper result for both owners and good pieces of real estate for the purchasers as well," Mr Perlinger said. "We were very happy with the inquiry and we're looking forward to selling more real estate down there with Mark."
The pharmacy building was declared on the market at $2.9 million with four parties making 102 bids on the property.
Bidding for the bank site started at $1.4 million and three investors drove the price up with 33 bids between them.
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