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Moorabbin warehouse sells for $575,000 – $65,000 above reserve

By Rebecca Holland

Opting to sell at auction has resulted in a big windfall for the owner of an industrial property in Moorabbin.

The modern warehouse at 5/291 Wickham Road has been sold under the hammer for $575,000 — $65,000 above reserve — by Ray White Commercial Oakleigh’s Ryan Amler.

Mr Amler says the vendor had previously been trying to sell the property himself for $500,000.

“Based on other successful results that we achieved for similar properties, I was able to demonstrate that I could get him a lot more,” he says.

“He took my advice and gave me the opportunity to auction the property.

“It’s important to use an agent who knows the market, who knows how to create competition and, more importantly, is transparent and honest.

“Trying to save money could have cost our vendor $75,000.”

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The sale price was $65,000 above the $510,000 reserve.

Twenty-three bids were placed at the on-site auction on April 19, with 75 people in attendance. Bidding started at $350,000.

The 210sqm warehouse has a container-height motorised roller door, a first-floor office and mezzanine storage. It was sold with vacant possession on behalf of an owner-occupier who has relocated interstate.

Mr Amler says the new owner plans to use the premises for personal storage.

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