Cushman & Wakefield today announced the $4.8 million sale of a 1,213 sqm commercial site in the heart of Goulburn, NSW. The property, known as the ‘Mechanics Institute’, was sold at auction to a local private investor, achieving a sale price well in excess of its written reserve.
The site was being offered to the market for the first time since 1993, at which time Goulburn City Council sold it for $657,000. The iconic building has provided an important focus for the people of Goulburn, from operating as a local entertainment location to the housing of the local library for over 50 years up until its most recent sale.
The site, located at 167-173 Auburn Street was fully refurbished in 1994 and was awarded the Goulburn Post award for contribution to the streetscape upon completion. It comprises a 1,213 sqm land holding including 7 on site carparks and occupies a prominent CBD corner with 3 street frontages. The property is host to two buildings, the main building known as the ‘Mechanics’ Institute’ and the outbuilding known as the ‘Technical School’.
The site was sold fully leased to a number of long-standing tenants, including NAB, NSW Police and the NSW Government. The property currently generates a net income of $277,390 plus GST.
Cushman & Wakefield’s, Ryan Cross and Anthony Bray, managed the sale process on behalf of the long-term owners alongside auctioneer Damien Cooley from Cooley Auctions.
Commenting on the sale, Cushman & Wakefield’s Ryan Cross, said: “We are pleased to secure such an outstanding sale price and yield for the vendors of the ‘Mechanics Institute’ in Goulburn, especially given it has been brought to market for the first time in 25 years. Goulburn has been a flourishing rural city since the 19th century and now a regional hub for surrounding agriculture, with most of its buildings dating back to this period – including 167-173 Auburn Street.”
Ryan Cross added: “The sale price demonstrates the strong demand for sites with blue-chip tenants and long-term leases in place. Goulburn is situated directly between Sydney and Canberra, and demand for landmark assets continues to increase as investors seek to take advantage of well-located buildings secured by listed, national and Government tenants.”