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22 June 2017 Norwest Commercial & Industrial Real Estate, along with Coutts, held the first of its two “Winter Auction Days”. A fantastic clearance rate achieved of 85% with five of six lots auctioned sold under the hammer with another sold before auction. A number of bidders sought multiple properties showing our unique concept of bringing a range of commercial properties together for an auction event works.

It was no surprise that the sale of 4.06/14-16 Lexington Drive, a 56 sqm office located in the popular T1 Building at Norwest Business Park, sold for a record price of $470,000. That’s $8,393 per sqm. The vendor, the purchaser and Norwest Commercial team, led by Thomas Muller were thrilled with the result. Unfortunately, a few buyers were disappointed not to walk away with a signed contract.

Another highlight of the day was the sale of 12/7 Packard Avenue, a great industrial unit comprising 23 sqm office and a 122 sqm warehouse. This property sold for $595,000 which was well over the reserve due to the extensive marketing campaign by Norwest Commercial, led by Brett Beazley and Erin Tuynman, more than 35 interested parties inspected the property.

In total, over $7m of commercial property was sold on the day, most being hotly contested between several parties eager to secure property for their own use or investment. The prices achieved for the vendors reflect the overall lack of supply of good quality property for sale.

Head of Sales and Leasing Mr Brett Beazley noted:

“We had a very successful auction day which was a reflection of a buoyant market, we are looking forward to a fantastic second winter auction day and a bumper spring auction day, to be held in September”.

Norwest Commercial are holding their second Winter Auction Day on the 13 July 2017 and are now seeking entries for its Spring auction, to be held on the 14 September 2017.

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