Gisborne’s The Cordial Factory in sweet $1.86m deal
A local investor has splashed $1.86 million on The Cordial Factory in Gisborne.
The high-profile commercial building at 32 & 32A Aitken St sold a whopping $160,000 above the owner’s reserve.
Raine & Horne director Ken Grech says the property attracted strong interest from investors and business owners from across Melbourne.
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Only two of four would-be bidders competed at the auction, which opened with a $1.2 million bid.
“They were all from the Macedon Ranges,” Grech says.
32 & 32A Aitken St, Gisborne, includes a clothing department store run by the building owners’ daughter.
“And in the end, it was contested by bidders who had faith in their own town and were willing to invest in its potential.”
Grech says the property is a rare opportunity to secure a commercial building on a large block with two street frontages.
The 410sqm building with a garage on one title stretches on an 870sq m block with 20m frontages to Aitken and Heritage streets.
This article from Leader Newspapers originally appeared as “Local investor splashes juicy $1.86m on Gisborne’s iconic The Cordial Factory”.
