The winning buyers celebrated with their dog after securing the former chocolate factory warehouse at auction in Richmond. Picture: Ray White Media
A converted Richmond chocolate factory has sold in a lightning-fast eight-minute auction, leaving a young couple so elated they hoisted their dog into the air to celebrate the $1.05m result.
The former factory conversion at 3/64-68 Regent St opened at $900,000 before racing to $970,000, where it was declared on the market early.
It ultimately sold $80,000 above that call, with bidding wrapping up almost as quickly as it began.
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The auction kicked off at 11:02am and concluded by 11:10am, well below the typical auction time frame, with three active bidders and no hesitation once momentum built.
Ray White chief auctioneer Luke Banitsiotis said there was visible nervousness among buyers after last Tuesday’s Reserve Bank decision, but confidence returned quickly once the auction began.
“There’s always a bit of nerves when you’ve had a rate rise earlier in the week,” Mr Banitsiotis said.
“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 seeking work-from-home space. Picture: Ray White Media
One of the loft-style bedrooms inside the converted Richmond warehouse, retaining the scale typical of industrial-era buildings. Picture: Ray White Media
Ray White CRE agent Elli Blaco said the result was marked with a burst of emotion when the winning bidders, a young local owner-occupier couple, celebrated by lifting their dog into the air at the fall of the hammer.
“When she won, they lifted their dog up at the end,” Mr Blanco said. “It was a real moment.”
The building forms part of Richmond’s industrial past and previously operated as a chocolate factory before being converted into residential warehouses. Picture: Ray White Media
Mr Blanco said there were four registered bidders on the day, although the contest quickly narrowed to two determined parties.
“We had strong interest all the way through the campaign,” he said.
“In the end, it really came down to two very committed buyers.”
One buyer had attempted a pre-auction offer, but it fell short of vendor expectations, pushing the decision to auction day, a move that paid off.
While interest rates were front of mind for some buyers following the midweek rise, Mr Blanco said they did little to dampen competition for a genuine inner-Melbourne warehouse.
The modern kitchen sits within an open-plan living zone, blending contemporary finishes with warehouse proportions. Picture: Ray White Media
One of two bathrooms inside the three-level Richmond warehouse conversion. Picture: Ray White Media
“A few buyers raised rates and asked questions around repayments,” he said.
“But this was a unique warehouse home in Richmond. They do not come up often.”
Once part of Richmond’s chocolate-making and industrial past, the building was later converted into warehouse-style residences, with its original scale and proportions still shaping the interiors today.
The property includes secure garaging, a rare inclusion for inner-city warehouse-style homes. Picture: Ray White Media
An upstairs sitting area showcases the home’s multi-level design, with living zones spread across three expansive levels. Picture: Ray White Media
Mr Banitsiotis said results like Saturday’s showed buyer demand for move-in inner-city listings remained resilient, even as borrowing conditions tightened.
“When quality comes up, buyers still act,” he said.
The property will settle in 30 days, with the new buyers planning to move straight in.
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