DESPITE a lack of bidding at a public auction on Friday night, three half acre blocks in the heart of Camperdown have sold.
The Uniting Church owned blocks – bound by Barkly, McNicol and Lawrence streets – were among five to go under the hammer before a crowd of about 40 people.
An outside bid of $140,000 got the ball rolling for Lot 1 (located on the corner of McNicol and Barky streets) and drew just one bid increase of $5000 before being passed in at $145,000.
Lot 2 (located on the corner of McNicol and Lawrence streets) opened with a vendor bid of $130,000 and was passed in after failing to attract another bid.
The lack of bids continued for the remainder of the three auctions with Lot 3 passed in on a vendor bid of $110,000, Lot 4 passed in at $110,000 and Lot 5 passed in at $100,000 after failing to attract starting bids sought of $110,000 and $105,000.
However, Ray White Camperdown principal Davina Pickles said two of the blocks, Lots 1 and 5, sold immediately after the auction.
“The same buyer has bought them both and intends to develop them,” she said.
“Lot 4 then sold at 9am Saturday morning.
“Both buyers are from out of town, but with local connections.”
Mrs Pickles said the agency now had “strong interest” for the purchase of Lot 3 and expected it to be sold before the end of this week.
“To have three of the blocks sold after one auction night is fairly pleasing, we’re happy,” she said.
“I did think there would have been a bit more local interest given the blocks’ central position and the opportunities they bring.
“I think the uncertainty of the cost involved in getting services connected to the allotments may have been what was holding a few people back.
“However, given the location, I think they are still a good buy – you’re never going to find such big blocks in another location like that.”
Uniting Church counsellor and land sale co-ordinator Colin Hayman said the lack of bidding at the auction was “a bit disappointing”.
“We thought the blocks would all sell on the night and that there would be a lot more bidding,” he said.
“However, it’s positive that three of the blocks have now sold and have all met the reserve price.”
Mr Hayman said the cost of getting services to the blocks was an issue discussed on the night.
“The people that bought the blocks had both done their homework and spoken with the various services authorities,” he said.
“It’s up to the buyers to compare the cost of the land and the cost of connecting services with each other.
“We feel, to get blocks for the prices they did, they (the buyers) still got a good buy.”
Mr Hayman said 90 per cent of the first $200,000 realised from the overall land sale and 60 per cent of the amount after that would be kept aside for the Camperdown Uniting Church.
The church is now in the process of firming up a number of projects and costings with a view to applying to the Uniting Church Synod to access the funds.
People interested in finding out more about the remaining blocks are advised to contact Ray White Camperdown Real Estate on 5593 1188.