The winning bidders are happy with their dog after securing a warehouse for a chocolate firm at auction in Richmond. Photo: Ray White Media
A converted chocolate factory in Richmond has been sold in a lightning-fast eight-minute auction, leaving an overjoyed young couple hoisting their dog in the air to celebrate the $1.05m result.
A pre-factory conversion at 3/64-68 Regent St opened at $900,000 before chasing $970,000, when it was announced to the market early.
It eventually sold for $80,000 more than that call, with bidding closing almost as quickly as it began.
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The auction started at 11:02am and ended at 11:10am, well below the normal auction time, with three active buyers and no doubt the momentum had built.
Ray White auctioneer, Luke Banitsiotis, said there was a noticeable panic among buyers after the Central Bank’s decision last Tuesday, but confidence quickly returned once the auction started.
“There is always panic when you increase the level at the beginning of the week,” said Mr Banitsiotis.
But once it started, there was no doubt.
A dedicated study area highlights the flexibility of the three-level warehouse building, appealing to buyers looking for a work-from-home space. Photo: Ray White Media
One of the most stylish bedrooms inside a converted warehouse in Richmond, which retains the typical scale of industrial-era buildings. Photo: Ray White Media
Ray White CRE agent Elli Blaco said the result was marked by an emotional outburst as the winners, a young couple who own the property, celebrated by hoisting their dog in the air as the hammer fell.
“When he won, they raised their dog at the end,” Mr Blanco said. “It was a real moment.”
The building is part of Richmond’s industrial past and previously served as a chocolate factory before being converted into residential accommodation. Photo: Ray White Media
Mr. Blanco said that there were four people who registered to apply on this day, although the competition quickly reached two willing groups.
“We had a lot of interest in the whole campaign,” he said.
“In the end, it really came down to two very dedicated buyers.”
One buyer attempted a pre-auction bid, but fell short of the seller’s expectations, forcing an auction day decision, a move that paid off.
Although interest rates were on the minds of some buyers following the mid-week hike, Mr Blanco said they had done little to dampen competition for Melbourne’s inner warehouse space.
The modern kitchen sits within the open-plan living area, incorporating modern finishes and shed value. Photo: Ray White Media
One of two bathrooms inside a three-level Richmond warehouse conversion. Photo: Ray White Media
“A few buyers have raised prices and are asking questions about payments,” he said.
“But this was a unique Richmond warehouse. It doesn’t come around often.”
Once part of Richmond’s chocolate-making and industrial past, the building was converted into a warehouse-style residence, with its original proportions and proportions still shaping the interior today.
The property includes a secure garage, a rare addition to inner-city housing. Photo: Ray White Media
The upper living area features a multi-level home design, with living spaces spread over three main levels. Photo: Ray White Media
Mr Banitsiotis said results like Saturday’s show that consumer demand for inner-city listings is still strong, even though lending conditions are tightening.
“If the rate goes up, consumers are still working,” he said.
The property will remain for 30 days, with new buyers planning to move in directly.
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