Mystery buyer snaps up landmark Lismore building
WITH five registered bidders and three who raised their hands, it was a "sensational" auction for a significant Lismore property.
The property, which for so long has been known as Black Sombrero at 136 Keen St, went under the hammer on Friday and, after a three-way duel, was snapped up a mystery buyer who asked not to be named.
Selling agent Peter Butcher said there were five registered bidders from the region at the mortgagee auction of the landmark 544 sqm property
It is understood the bidding commenced at $150,000 then quickly escalated towards its true worth.
Mr Butcher said bidding was very keen.
"We took 21 bids from three of the five bidders," he said.
"The property eventually sold to a dark horse bidder for $490,000."
He said the buyer had not yet revealed his plans for the property.
Mr Butcher's colleague Chris Harley said the buyer had made an excellent purchase, as the property was situated in a key Lismore location.
"This is a significant site in the middle of Keen St, opposite the pedestrian crossing," Mr Harley said.
"The two under bidders were right behind the buyer and it sold above the reserve."
It was a mortgagee sale.
Last week Mr Butcher said the property attracted strong interest from local buyers.
"We have had a good interest from potential purchasers," he said.
"The premises have had previous usage as a retail sporting goods store and more recently as a Mexican restaurant and is ideally suited to an owner-occupier or rental investment."
It is understood the property last changed hands in 2013 for $363,000.