JOSS Group has bought the old Macquarie Textiles mills in East Albury.
The site between Schubach Street and the Hume Freeway is adjacent to the Albury construction company’s other holdings.
It is likely to be used for future development for the Joss Group, which also has a large warehousing business.
In the interim, Joss is negotiating a lease of the site, with the hope this might be completed within two months.
Joss Group director Adam Joss said the property was bought through Joss Capital Pty Ltd.
Mr Joss said he was not willing to reveal the purchase price for the 3.89-hectare property.
“But both the buyer and seller I think were reasonably satisfied with the price — they of course would have liked a bit more and we would have liked a bit less,” he said.
“You would have to say it was a fair price.”
The property was put on the market in December, offered via an expressions of interest process.
In early April, a sold sticker was put on a sign at the site advertising the property, with settlement not expected at the time until the middle of last month.
The site has three large buildings, including the original mill built in 1924.
They add up to 9725 square metres of factory space, 1055 square metres of office space and 6150 square metres of warehousing — and 140 car spaces.
The site is zoned for general industrial use.
Mr Joss said Joss did not believe there was any rush into determining what it could use the property for long term.
Leasing it out in the interim was a commonsense decision.
“It’s certainly unique given its location and its outlook as well,” he said.
“It has served Macquarie Textiles since about 1924, but unfortunately for them it’s reached the end of its used-by date for manufacturing in the area.”
Mr Joss said the group bought the site simply because it saw an opportunity “where we could grab the property for future development”.
“What the long-term plans are probably a little up in the air,” he said.
Mr Joss said the property — like its own holdings in East Street — was in a great spot.
“We see positives in the highway access, where it’s straight on and straight off,” he said.
“We knew that we had a good chance of being able to get it, given the location.”
Macquarie Textiles, which employed 450 about 25 years ago, announced in December it would no longer dye and finish in Albury, but would import fabric from China and India.