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
Emergency services are at the scene of a two-car crash at Goulburn Valley Hwy, Shepparton near the Goulburn Valley Equine Hospital
The under 16 Pigeons kick started the YFNC's finals campaign with a resounding victory over the Paul Spargo led Scots College in the Grand Final of the AWJFL Elwyn Langford Shield at the Albury Sports Ground on Sunday.
Greater Shepparton City Council was successful in securing the National Cutting Horse Association Victorian Futurity Cutting Horse Championships for 2014 and 2015, with this year’s event scheduled from September 10-14 at Tatura Park.
Cohuna and Kerang hospitals have refused proposals from St John of God Pathology informing them they will ‘strongly resist change’ and expect the organisation to honour their contract.
Julie Sands and Sheridan Clark have been kept busy, visiting Rochester recently yo dispense free coats to residents.
Book Week gets colourful turnout.
Deaprtment of Environment and Primary Industries unhappy about Mt Disappointment vandals.
Jerilderie Shire deputy mayor Ruth McRae handed the key over for the new Rural Fire Service station last Friday.
Farmers have a new weapon in the fight against mice.
Cobram supermarket seeks $10 million expansion, increasing by about a third into adjacent car park area.
Public interest to determine Deniliquin Town Hall refurbishment.
Milk co-operative, Murray Goulburn has posted a record financial result, recording an after tax profit of $29 million.
The Benalla Indian Myna Action Group will pay a $1 per bird bounty on live birds delivered to CAL farm. National Party MP Bill Sykes donated $100 to fund the bounty.
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.