Bullish result for designer's Albert Park warehouse conversion

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Fashion designer Arabella Ramsay secured a bullish $1,805,000 when her Albert Park warehouse conversion went to weekend auction.

Initial reported price estimates to buyers had been a very cautious $1.25 million plus for the freestanding Neville Street warehouse. But when Marshall White agent Oliver Bruce asked for opening bids, the auction kicked off at $1.5 million. That was still slightly below Ramsay’s $1.55 million purchase price in May of last year.

It represents annualised capital growth since the last sale of 11%.

“This compares to growth for Melbourne over the same time frame of 3.8%,” Mark Armstrong from propertytycoon.com.au notes.

It was knocked down to buyer's advocate Mal James who had to fend off three other parties during the 20-minute contestant. Bidding narrowed down to three after the two-bedroom property was declared on the market at $1,555,000.