A PIECE of land in Mildura’s industrial area sold for a record price at auction last Friday, continuing recent growth in the local commercial market.
Selling agent Justin Grogan of Tierney Real Estate said the 2.03ha block, on the corner of Fourteenth Street and Benetook Avenue, went under the hammer for $2.3 million.
It was a record-breaking result for industrial land sold per square metre in Mildura.
There were two out-of-town bidders at the auction, the first to be held at the remodelled Powerhouse Precinct, vying for the commercial land.
“This sale shows the strength in the local industrial sector and follows some strong enquiries from out of town, as well as from people in Mildura, for commercial property,” Mr Grogan said.
“Clearly, there’s still quite a lot of wealth around.”
Mr Grogan said the successful bidder, an investor who flew down from Brisbane for the auction, was impressed by what Mildura had to offer.
“The great thing about having the auction at the Powerhouse was he was able to enjoy a walk on the riverfront, have a coffee at Shippys and then have a short walk to the adjacent building for the auction,” he said.
“He told me he now wants to bring his family down here for a holiday.”
Mr Grogan was not able to reveal the investor’s plans for the site due to a confidentiality agreement.
Tierney Real Estate director Ryan Tierney said the sale was part of “a new wave of out-of-town money” coming to Mildura for commercial land and property.
“Investors have identified Mildura as a major growth corridor,” Mr Tierney said.
“There is strong confidence in the commercial sector here.”
