Commercial: First ever Newcastle property sold by online auction

NEW METHOD: This building on Cooks Hill's Darby Street was sold through an online auction for $2.25 million.
NEW METHOD: This building on Cooks Hill's Darby Street was sold through an online auction for $2.25 million.

A mixed use commercial building on Darby Street has become the first property in Newcastle to be sold through an online auction.

Raine & Horne Commercial director Steven Dick marketed the property, which sold for $2.25 million this month.

There were three registered bidders jostling for the property at 126 Darby St Cooks Hill that comes with some retail space and was returning $144,846 annually from three tenants.

“Bidders have to download the Openn Negotiation app, pre-register and execute documents in terms suitable to the owner and then place a bid at any time before the final bidding stage,” Mr Dick said.

It means buyers anywhere with internet access can bid.

“Openn Negotiation provides an entirely transparent process with the sellers and buyers in total control and fully aware of what everyone else is bidding,” he said.

Raine & Horne Commercial Newcastle has two more auctions for September to be sold via Openn Negotiation.

GLENDALE INVESTMENT

RETURN: This Glendale property on Main Road has a long-term tenant and is expected to appeal to investors.

RETURN: This Glendale property on Main Road has a long-term tenant and is expected to appeal to investors.

Colliers International’s Adam Leacy expects a building at 595 Main Road in Glendale, which has an annual net income of $185,169 plus GST, to be “a sought-after investment”.

A price guide has not been disclosed for the property, which is leased to Pacific Smiles Group and set for auction on September 27.

“It has a good location, on a main arterial road, and a good long-term lease to a publicly listed company,” Mr Leacy said.

Mr Leacy is also marketing a warehouse and showroom in Warners Bay’s Hillsborough Road.

It has a B7 business park zoning and is set for auction on September 20 with bidding expected to start “early to mid $1 million”.

The property at 2/387 Hillsborough Road is being sold with vacant possession. 

VERSATILE: This building on Hillsborough Road in Warners Bay is being sold with vacant possession.

VERSATILE: This building on Hillsborough Road in Warners Bay is being sold with vacant possession.