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New method of sale “levels the playing field” on Darby Street

EXPOSURE: This building on Darby Street enjoys a prominent corner position with plenty of passing foot traffic and is for sale through open negotiation.The sale of aproperty in popular Darby Street is expected to attract plenty of interest and not just because of its prominent position.
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Raine and Horne Commercial director Steven Dick is marketing the two-storey building at 126 Darby Street in Cooks Hill through open negotiation.

The new method of sale creates “a level playing field”, according to Mr Dick.

Open negotiation is an online auction that starts on the day of marketing and closes on a set date.

“This method means the auction commences the day it is uploaded to the net and can be sold anytime between now and August 16, when final bids will be accepted,” Mr Dick said.

“Participants in the auction can see every step of the way what others are bidding and have the opportunity to adjust their bids at any time.”

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He said it eradicated “secret agent stuff” and “let’s the market set the true value for theproperty”.

“The developers of the App have worked tirelessly with NSW Fair Trading to make sure this method of Auction meets all Laws and the strict compliance required by NSW Legislation,” Mr Dick said.

“We’ve got three auctions coming up in September, two are open negotiation and one in room. It just gives people another choice.”

He believes it is the first time a Newcastle property has been sold using this method.

Interest has already been “quite strong” for the Darby Street building which has a guide in the low $2 million.

The property has two income streams from a laundromat and kebab shop on the ground floor.

The first floor premises has been leased but will be vacated in November, opening up for an owner-occupier or to provide another income stream through alease.

Mr Dick said thecommercial and retail building “commands the high-profile corner of Council Street opposite the Delany Hotel”.

“The building is made for either an investor wanting to secure a building that is returning over $144,000 per annumnet or someone who wants to place their business upstairs in the 200 square metres of commercial space,” he said.

Also on Darby Street, Raine and Horne are offering a building at 152 for lease via an expressions of interestcampaign closing August 21.

This building at 152 Darby Street is for lease via an expressions of interest campaign closing August 21.

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