Surprising result at JM Kelly warehouse auction
Bidders put their paddles up as prices bounced across the room at the public auction of the JM Kelly warehouse on Richardson Road on Wednesday.
The final bid reached $2.3 million but the property was passed in as it didn’t meet reserve price.
Knight Frank Rockhampton’s Pat O’Driscoll led the auction which was opened by a bidder at $1.8 million.
Four bidders were registered for the auction with a bidding war between two parties.
A group of around 20 people turned out to the Rockhampton Leagues Club for the auction of the facility, which was for sale as a result of the company’s collapse in 2018.
The site had been not been sold since 1987, when the JM Kelly Group bought it for a reported $1.52 million.
In 2020, the land was valued at $1.3 million.
The property sits on 1.6ha and has 5000 sqm combined warehouse space and 768 sqm office space.
Most of the JM Kelly goods were sold at an auction in early 2019.
Agent representing the auction, Neale Crow will now work with the interested parties on a sale.