The investment market in commercial property in Warrnambool is strong.Beau Colter
A Melbourne buyer has snapped up the building which houses Warrnambool Automotive Group.
The 7557-square-metre site on the Princes Highway in the city's east was set to be sold at auction by Burgess Rawson on Wednesday.
But agent Beau Colter said it had sold prior.
"We had some pretty good interest and a buyer submitted a strong offer, which the owners were willing to accept," Mr Colter said.
The site has a 10-year lease to September 2025, with extension options to 2035.
It offers 40-metres of highway frontage and is located next to Gateway Plaza, with about 27,000 vehicles passing the site each day.
The site is leased for more than $430,000 a year and boasts a 1450-square-metre building.
Mr Colter said demand was high for commercial properties in Warrnambool.
"We sold the government office on Raglan Parade in our last auction as well," he said.
"The investment market in commercial property in Warrnambool is strong."
He said commercial property in Geelong, Bendigo, Ballarat, Warrnambool, Shepparton and Albury-Wodonga was highly sought after.
The former site of the The Standard on Raglan Parade sold at auction by Burgess Rawson and Wilsons Real Estate for $5.5 million in late March. It will be used by Family Safety Victoria Orange Door to support families experiencing family violence.
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