A PROMINENT piece of central Albury real estate has been purchased for more than $1 million.
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The block, located between the Mate's building and Target, remains off-limits as a car park and has been snapped up by a five-member Albury-Wodonga-based investment syndicate.
Agent Steve Martin from Stanley & Martin confirmed the contract of sale with the previous owners, the Proton development group, was exchanged this week.
Mr Martin also confirmed the sale price was close to the reserve of $1.4 million. The property had gone to auction in mid-December and attracted one bid at $1.2 million.
It's understood members of the syndicate that has since bought the property had attended the auction as observers.
Mr Martin said the syndicate had no immediate development plans for the 1450-square-metre block.
“It really is a sit and wait situation,” he said.
“They are very aware it is a unique piece of land which is the only vacant block of land remaining in the CBD.
“But they feel as though there are going to be development opportunities in the future.”
The land was used for a car park under a licence agreement between Proton and Albury Council, but was fenced off in the lead-up to the auction.
A decade ago Proton secured approval from council for a $16 million development consisting of shops and offices.
The development deed lapsed in 2013.
The Proton development group included members of the Siperki family.
The block is also located close to the Volt Lane precinct where work is now underway on the $30 million, 158-room motel next door to the Australian Taxation Office.
It will be known as Mantra Hotel Albury when built.
Meanwhile, the Hawkscote Estate residential land development between Albury and Lake Hume has also sold recently.
Agent Stephen Paull from Paull & Scollard declined to reveal the purchase price and new owner of the land held by the Star family since the 1960s.