The winning buyers celebrated with their dogs after securing the former chocolate factory warehouse at auction in Richmond. Photo: Ray White Media
A converted chocolate factory in Richmond has sold in a lightning eight-minute auction, leaving a young couple so delighted they hoisted their dog into the air to celebrate the $1.05 million result.
The former factory conversion at 3/64-68 Regent St opened at $900,000 before racing to $970,000 where it was put on the market early.
Ultimately, it sold for $80,000 above that bid, with the bidding wrapping up almost as quickly as it began.
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The auction started at 11:02 am and ended at 11:10 am, well under the usual auction time frame, with three active bidders and no hesitation once the momentum built.
Ray White chief auctioneer Luke Banitsiotis said there was visible nervousness among buyers following the Reserve Bank’s decision last Tuesday, but confidence quickly returned when the auction began.
“It’s always a bit nervous when you have had a rate increase earlier in the week,” said Banitsiotis.
“But once it started, there was no hesitation. It was decisive.”
A dedicated study area highlights the flexibility of the three-level warehouse layout, appealing to buyers looking for workspace from home. Photo: Ray White Media
One of the loft-style bedrooms in the converted warehouse in Richmond, retaining the scale typical of industrial-era buildings. Photo: Ray White Media
Ray White CRE agent Elli Blaco said the result was marked by an outburst of emotion as the winning bidders, a young local buying couple, celebrated by lifting their dog into the air as the hammer fell.
“When she won, they lifted their dog at the end,” Mr Blanco said. “It was a real moment.”
The building is part of Richmond’s industrial past, previously operating as a chocolate factory before being converted into residential warehouses. Photo: Ray White Media
Mr Blanco said there were four registered bidders that day, although the competition was quickly narrowed down to two determined parties.
“We had a lot of interest throughout the campaign,” he says.
“In the end, they really became two very involved buyers.”
One buyer had attempted to make a bid before the auction, but it did not meet the seller’s expectations, delaying the decision until auction day, a move that paid off.
While interest rates were a priority for some buyers after the midweek surge, Blanco said they did little to dampen competition for a proper warehouse in inner-city Melbourne.
The modern kitchen is located in an open plan living area and combines modern finishes with warehouse proportions. Photo: Ray White Media
One of two bathrooms in the three-storey converted warehouse in Richmond. Photo: Ray White Media
“A few buyers increased rates and raised questions about refunds,” he said.
“But this was a unique warehouse in Richmond. They don’t come around very often.”
Once part of Richmond’s chocolate and industrial past, the building was later converted into warehouse-style housing, with the original scale and proportions still shaping the interior.
The property features secure storage, a rare addition to downtown warehouse-style homes. Photo: Ray White Media
An upstairs seating area showcases the home’s multi-level design, with living zones spread across three expansive levels. Photo: Ray White Media
Mr Banitsiotis said results such as Saturday’s showed buyer demand for new downtown listings remained resilient even as lending conditions tightened.
“When quality comes up, buyers still trade,” he said.
The property will settle within 30 days, with the new buyers planning to move in immediately.
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