Property snapped up for potential
“WE are playing for keeps, there is no tomorrow, only regrets,” were the words spoken by Ray White Corporate auctioneer Bruce Smith moments before he slammed the hammer down and declared a Wood Street property sold at Saturday morning’s auction.
After a bit of light bidding from two main contenders, Justin Nolan came away the proud owner of the residential property which was sought after for its commercial potential.
The property attracted a final price of $267,500 which vendors James and Sharyn Bomford were reasonably pleased with.
New owner Mr Nolan said he did indeed buy the property as a commercial investment.
“I am always on the lookout for opportunities,” he said.
“People have come out of the woodwork in recent weeks in need of prime location office space, so the highway exposure the Wood Street property offers made it a very suitable investment.”
Mr Nolan intends to convert the current dwelling into offices in the near future.
“The refurbishment will commence as soon as negotiations with the interested future tenants have been confirmed,” he said.
This section of Wood Street has seen much development over the past few years, transforming the area from run-down residential to a highly sought-after commercial property.
Recent developments include the BNW Accountants offices which Mr Nolan said are now fully tenanted, Jim Rickards Car Dealership, the Heyman’s Electrical store and Hungry Jacks.