How much would you pay for the North Rockhampton Bowls Club?
WHILE the auction of the North Rockhampton Bowls Club drew a big crowd, it didn't draw any big bids on Saturday.
The well known riverside property was passed in after only one bid early on, with auctioneer Kas Woch urging any interested buyers to state their interest with a bid.
Starting out the auction with open bidding, Mr Woch told interested buyers and many spectators, "don't be embarrassed tell me what you think this property is worth, that is the point of this auction...”.
When that failed to get a response, he asked for offers above $1 million.
When that got no response, the figure was dropped to $700,000.
Out of the silence, one bidder raised his paddle and offered $400,000 for the property.
"It's low, but we will certainly accept the bid,” Mr Woch responded.
Still, there were no opposing bids and the auctioneer was forced to pause the action to speak with the seller, who did not accept the bid.
After no bids to advance the auction, a vendor bid was placed at $700,000.
With no increase on the $700,00, and the owners keen to sell, another vendor bid was placed at $900,000.
The auction took less than ten minutes to complete, and shortly after midday the property was passed in at auction.
The property, which was built in the 1940s and has never been up for sale until now, will go on the market with an asking price of $1.2 million, while negotiations with interested parties are set to take place in the coming week.
Disappointed and surprised by the end result, club president Allan Gabel said he thought the offer would have brought in more interest.
"It's a little bit disappointing with how it went but that is the way auctions are,” he said.
Having only one bid from an interested party, Mr Gabel said they had no choice but to turn it down.
"An offer like that is ridiculous,” he said.
"We were never ever going to accept something like that but you have to start somewhere.
"It will have to be quite substantial for us to even think about taking it.”
Saying they are looking for an offer that will satisfy their creditors and banks, Mr Gabel said hewas hopeful negotiations will progress this week.
Mr Woch was hopeful negotiations will bring back a positive result for the sellers.
"The turn out here at the auction was an excellent result but unfortunately we didn't achieve the figure that we wanted,” he said.
"We were talking to about 12 people there that had asked for a copy of the contract, so they did express interest.
"We do expect some of those people to come back to us early next week and we are still confident that we will still get someone.”
The property is now on the market for $1.2 million and Mr Woch says anyone who is legitimately interested in it will know it is a bargain price.
"Anyone who has a genuine interest in the property will be getting excellent value for money,” he said.
"There is no question that the $1.2 million is a give away price.
"But it is a unique property, it's not like a house that anyone can buy and live in, it is for someone that has a vision and someone that has a use for the property.”
If you are interested in the North Rockhampton Bowls Club contact Kas Woch Real Estate.