Covering the Goulburn and Murray valleys

Commercial Hotel passed in at auction

Benalla's Commercial Hotel remains unsold after being passed in at auction last week.

MONIQUE FREER May 28, 2014 3:49am

The Commercial Hotel, BenallaBenalla Ensign on 12/03/2014 CAPTION: The Commercial Hotel, Benalla

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 $600000 without a single bid.

The auction opened with a vendor bid at $600000 and despite the bid being lowered, it attracted no buyers.

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 $600000, that would be the range.

‘‘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 $750000; for more information phone Hugh Roberts on 0417582081.

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