Benalla's Commercial Hotel remains unsold after being passed in at auction last week.MONIQUE FREER May 28, 2014 3:49am
The future of Benalla’s Commercial Hotel is yet to be determined after it was passed in at auction last week.
The popular venue closed in March after being in receivership since February 2013.
About 50 people gathered at an on-site auction last Wednesday, but were disappointed when the hotel was passed in at $600
The auction opened with a vendor bid at $600
However, agents were in discussion with an interested party immediately after the auction.
Negotiations continued with several interested parties this week.
CRE Brokers business and property salesman Scott Connolly said he was disappointed the property did not sell at auction.
‘‘It’s disappointing in the sense that it’s a long way to drive for people to not put their hands up,’’ he said.
‘‘We’ve got a couple of groups in discussions at the minute so we’re just working on an offer.’’
There was a reserve on the property, however Mr Connolly would not disclose the figure.
‘‘A pub like this, it stacks up to being worth about 800 grand. It could have gone anywhere from a million to $600
‘‘The negotiation is just on price at this stage, there was nothing plant or equipment-wise that anyone was querying.’’
Prior to the auction Mr Connolly said there were between 20 and 30 people interested, and the hotel was likely to be kept as a hospitality business.
The hotel was advertised as large commercial building and land in the main street of Benalla.
Some of its selling points included a bistro, sports bar, function room, decked beer garden, commercial kitchen with wood-fired pizza oven, hotel accommodation rooms, manager’s quarters and off-street parking.
The building was also to be sold with plans and permits approved to build a five-storey mixed use development.
The asking price is $750
Coca-Cola Amatil has confirmed it will be pressing on with its $100 million redevelopment of SPC Ardmona.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
A snake was spotted this afternoon.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.