A mixed use commercial building on famous Darby Street is the first property ever sold in Newcastle through an online auction.

With three registered bidders jostling for the property and another four in the audience watching the auction online, the office building at 126 Darby St Cooks Hill that comes with some retail space sold for $2.25 million, a result that exceeded the vendor’s expectations.

Returning $144,846 annually from three tenants including a long-standing dry cleaner, a kebab shop and a beautician on the first floor, this older style two storey building is full of character, apparently captured the eye of the online real estate investing community.

Listing agent, Steven Dick Director of Raine & Horne Commercial Newcastle believed this result proves that online under the hammer sales will turn the auction process on its head in Newcastle.

“Bidders have to download the “Openn Negotiation” app, pre-register and execute documents in terms suitable to the owner and then place a bid at any time before the final bidding stage,” Mr Dick said.

Then buyers anywhere in the world with internet access can start bidding, Mr Dick noted.

“There’s no more having to attend a stress-filled auction room, no more having the eyes of the audience upon you, no more whispering as secret negotiations take place,” he said.

“Openn Negotiation provides an entirely transparent process with the sellers and buyers in total control and fully aware of what everyone else is bidding.”

Online auctions are the most exciting change to occur in real estate since the mobile phone and internet marketing, according to the Raine & Horne Commercial Newcastle director.

“Online property auctions take real estate sales into the 21st Century by embracing the technologies that everyone has become accustomed to using.”

Raine & Horne Commercial Newcastle has 3 auctions set for September, with 2 to be sold via Openn Negotiation and one in-room.

“Openn Negotiation gives owners and buyers another choice,” Mr Dick added.

For all your commercial sales, leasing and property management needs, contact Raine & Horne Newcastle on 02 4915 3000.