Historic Bendigo Building Sale Triggers Strong Developer Interest
A wide range of buyers have expressed an interest in the sale of Former Bendigo Mining Exchange building at 24-26 Pall Mall in Bendigo.
Travis Hurst of Colliers International and Robert Ketterer of Dungey, Carter Ketterer (DCK) are appointed by the City of Greater Bendigo to conjunctionally sell this iconic, heritage CBD building.
“We are about four weeks into the marketing campaign and we have received a pleasing level of enquiry,” Mr Hurst said.
“There has been strong interest from buyers locally, across Melbourne and regional Victoria, and we have even had International interest.”
Originally built in 1872 as a part of the ‘Beehive’ building complex, the property has played a significant role in the history of Bendigo and the nearby goldfields. Today, the building forms an intrinsic part of the council’s CBD development plan and is vital to Bendigo’s CBD future entertainment and tourist precinct.
“Our appointment was based on advice that the property be directly marketed locally and nationally to experienced and capable developers that have capacity and vision to restore this grand building and revive its glory days,” Mr Hurst said.
“Much of the interest we have received to date has come from developers and owners who have a strong track record of restoration and adaptive re-use of significant heritage buildings.”
The property has seen many uses since its days as a mining exchange, including a variety of retail outlets and upstairs offices. Most notable of these is perhaps ‘Allan’s Music’, who purchased the building in 1927 and constructed the ground floor shops creating ‘Allan’s Walk’.
The building has significant frontage to Pall Mall (Midland Highway) and pedestrian access through to Hargreaves Mall at the rear. It is zoned Commercial 1 under the City of Greater Bendigo Planning Scheme.
Mr Ketterer said the building had scope for development in many applications, including a mix of retail, office, accommodation, restaurant or inner city residential.
“This building will appeal to developers experienced in heritage buildings,” he said.
“The property will very much suit a ‘custodian’ who has the capability, capacity and experience to restore the building and apply their own touch, creating an investment for the 21st century.”
Prue Mansfield, Planning and Development Director for the City of Greater Bendigo, said, “This is a fabulous opportunity for commercial developers to expand on the adjoining Myer, Hargreaves Mall and entertainment precincts of the CBD.
“We are pleased with the campaign so far and the level of response it had generated. Council remains confident of a positive outcome to see the building restored and re used in line with the CBD strategy.”
Ms Mansfield said Bendigo's economy is doing well with big investments in the CBD, including several apartment buildings under construction, a new boutique hotel in Pall Mall and significant growth in the number of food and beverage establishments.
"We are pleased with the campaign so far and the level of response it has generated. Council remains confident of a positive outcome to see the building restored and re-used in line with the CBD Strategy,” she said.
