The site, bounded by Tenth Avenue, Kennedy Street and Railway Parade, was sold for $16.7 million.
The company Finbar is planning to build an apartment complex comprising 336 apartments and 21 commercial lots on the block.
Ross’s building development manager Dave Crofts said the family-run business would keep its existing staff when the business moves.
Auctioneer Craig Edwards (41) began working in the massive corrugated iron and jarrah Maylands landmark 26 years ago as a 15-year-old floor sweeper and said he would miss the building.
‘There’s a bit of nostalgia here,’ Mr Edwards said.
‘But one of the guys who works here is a wood-turner and I’m going to claim a piece of wood from the building to be turned into a gavel.’
City of Bayswater Mayor Sylvan Albert said the City had not received a formal development application from Finbar and was not aware of the proposed development.