‘Sleeping giant’ passed at $1.7m

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‘Sleeping giant’ passed at $1.7m

Scott Hughes: the master auctioneer described Two Views as a “sleeping giant, just waiting to come alive”.

ONE of Inverloch’s most historic properties, the Two Views Guest House site, was passed in at auction on Saturday for $1.7 million.
But LJ Hooker Inverloch director Kevin McMahon said negotiations for a sale would continue. Among the frontrunners for the property was Inverloch real estate identity Dennis Ginn, who made the final auction bid.
Located at 35 Sandymount Avenue, Two Views is coveted for a lot more than its rich history. With two titles and a total land size of 4300m2, it is something of a rarity in the town.
Auctioneer Scott Hughes told the 200-strong crowd that 35 Sandymount Avenue was “steeped in history” and a “sleeping giant, just waiting to come alive again”.
“It was once the home of Neil’s Inverloch Hotel, from 1896 to 1922, when it became delicensed. It was at that time that the property became the Two Views Guest House and continued to operate until the 1950s, when the building was demolished,” he said.
“But to most of us it was known, most simply, as the home of the late Joe and Stella Banks. Not since the sale of the Pine Lodge Guest House site, has a property attracted so much attention with media reports, and I’m sure you’ll agree, suggesting this is Inverloch’s most coveted site.
“As with the old Pine Lodge site, not only has this property got substantial historical value, but a staggering amount of development potential. This, ladies and gentleman, is the last high profile significant development site of any magnitude, enjoying not only a premium position in this ever-growing coastal resort, but uninterrupted water views.”
When the bidding opened, despite the tense feeling of excitement in the air, no one rushed to be the first. After some prompting, an offer of $1 million came.
Mr Hughes said the gentleman who had made the bid knew well enough that $1 million was “well under the value of the property”.
The bidding between Mr Ginn and another man was intense, and the price was quickly pushed up to $1.7 million.
But Mr Ginn would go no further and the other bidder had bowed out.
However, Mr McMahon said other bidder for the property had emerged after the conclusion of the auction.
“Negotiations are continuing and we expect to conclude the sale shortly. It’s fair to say there’s some very strong, genuine interest, including one of those bidding on it and two others who came up afterward,” he said.
“Sometimes people aren’t in a position to bid under auction conditions. They might want to renegotiate the settlement terms or something like that.”
A number of other auctions were also held on the weekend.
A crowd of about 80 locals and interested onlookers came to the auction of a beach shack at 12 Brown Street, Waratah Bay, just 200m from the beach.
Prior to the auction the property was expected to sell in the mid to high $300,000 price range.
This was indicated at the opening of the auction proper when auctioneer Steve Paragreen from Paragreen Real Estate opened with a vendor bid of $360,000. This immediately dispelled any expectations that there was a bargain to be had.
Two interested parties pushed the price to $368,000 before the auction stalled. The auctioneer consulted the vendors by phone and asked the crowd for “a little bit more as we are getting close”.
No more bids were received and the property was passed in at $368,000.
However the property was sold later that day for an undisclosed price to the highest bidders, a Fish Creek family.
An impressive three-storey house at 3 Ocean View Court, Inverloch, passed in at $1.5 million on Saturday afternoon, with a sale still in negotiation, while a three-bedroom house at 42 Koonwarra Road, Leongatha  successfully sold at auction the same day.

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Posted by on Feb 15 2011. Filed under Business, Featured, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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