Why this building sold for $1.3 million
AFTER more than 20 years helping the community, the historic Endeavour Foundation building on Russell St has officially changed hands.
The brick freehold property, which features several offices and 13 car parking spaces, was sold at auction yesterday for $1.3 million.
Neighbouring property owner John Anderson beat out seven other bidders to score the Endeavour Foundation office, which housed staff for the organisation for more than two decades.
Colliers International agent Dan Dwan said the building was sold above reserve price, meaning the auction process delivered results.
"For an asset of this class, it was in line with what we expected," he said.
"During the campaign, there were 30 individual parties looking at the property.
"There were prior offers made in the campaign that were far less than what the eventual price was."
Mr Dwan said the freehold status, standalone building and 13 car parks all helped push the price up for the CBD property.
"The car park helped with the price. In the office sector, car parking availability is a real asset," he said.
"To have 13 car parks was a benefit (to the price)."
The sale was part of a nationwide initiative from Endeavour to consolidate and cut back on its existing assets.
Tanya McCulkin, who worked in the office for most of her career with Endeavour, said it was sad to say goodbye.
"I've been working out of there for 16 years so it's certainly been an Endeavour building for longer than that," she said late last year.
"For me personally, there are a lot of memories there.
"I'm coming up to Endeavour nearly 20 years, and most of them have been at that office.
"Having said that, we are looking forward to a renovated location to help bring us altogether."
While Endeavour were the most recent owners, the property was initially a maternity building roughly 100 years ago.