Shop sells to metro buyer
Colac’s former Victoria Hall building has sold at auction for $685,000, which agents say demonstrate continued investor confidence in Colac commercial properties.
Burgess Rawson, who listed the property with Charles Stewart Real Estate, held their portfolio auction for the freehold at 52-56 Murray Street last week.
The building’s current tenant is Treasure Hunters, but the building was the Victoria Hall in previous decades.
Charles Stewart’s Anthony McDonald said the property sold at auction to a Melbourne buyer, and he said it reached a good price.
“It’s a pretty satisfactory result,” he said.
Mr McDonald said there was reasonable interest in the property, with about 18 enquiries from potential buyers, and two bidders on auction day.
He said the sale demonstrated continued strength in the Colac market.
Mr McDonald said there was solid demand for commercial property in Colac.
“There’s always people looking for good quality properties in good locations, particularly on Murray Street,” he said.
Burgess Rawson’s Shaun Venables said the building had received a new floor and roof in recent years, and he was pleased with the result.
Mr Venables said he had worked on the sales of about 20 Colac properties in the past 15 years.
He said Colac’s role as a regional centre ensured it had steady interest from investors.
“I’ve never had a problem selling anything there.”