An offer came in $200,000 above expectations for the property and was rejected.
A Box Hill vendor has put their faith in the auction process drumming up competition and been rewarded to the tune of an extra $200,000.
An offer of $2.2m came in for 513 Station Street in the lead up to the property going under the hammer.
Despite the owner having price expectations of $1.8-$1.98m for the site, leased out as a physiotherapy facility, the offer was rejected.
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The property sold for $2.401m.
The site is being leased out as a health clinic.
“Just a few days before the auction we received an offer way above what we were asking,” Buxton Box Hill director Jim Chen said.
“But we still decided to take it to auction because (we thought) there may be some surprise on the day.”
And the decision to hold firm netted the buyer an extra $201,000, as four groups pushed the property to a sale price of $2.401 million.
A whopping 17 groups placed offers ahead of the auction, Mr Chen said.
Some beds.
The site has a lease for the next four years.
The huge level of interest forced the agency to actively turn buyers away from the virtual auction.
“We tried to get people to put in their best offer and we picked the top buyers to join the auction,” he said.
“We were just targeting anything over $2m, but we found the interest was over that (level).”
All bidding was done by investors at the site, which has a lease for the next four years earning annual returns of $67,000.
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