THE former Termo Hotel site, which has been home to discount liquor outlet First Choice for a decade, will be offered for sale at auction on June 20.
The property on the corner of Dean and Young streets is up for sale for the first time since the building First Choice occupies was constructed in the wake of the Termo pub fire in early 2005.
A syndicate of Border investors presently own the building, but have decided to sell.
Agents L.J. Colquhoun Dixon in conjunction with Burgess Rawson will sell the property at an investment portfolio auction to take place at Crown Casino in Melbourne where up to 15 similar type properties will go under the hammer.
First Choice has recently agreed to a further five-year lease of the building after an initial 10-year lease expired.
“It is a significant site,” agent Andrew Dixon said.
“The Termo was a magnificent old pub, but sadly burnt down and presented an opportunity for First Choice to position themselves in Albury.
“It is the first big commercial property offered for sale in Dean Street for a long time.
“At this point in time there is good inquiry coming from all over the place.
“The present owners have owned the building for 10 years and they just want to move on.”
Mr Dixon said the property could sell for $5 million plus with $341,903 in annual rental under the latest deal struck with First Choice.
Rival discount liquor outlet Dan Murphy is located directly opposite in the former Permewans supermarket building.
First Choice also opened in Wodonga on the former Blacklocks Ford site on Elgin Boulevard soon after the Albury store.
The circumstances of the Termo Hotel fire in 2005 were the subject of a coroner’s report released publicly five years later.
Coroner Gordon Lerve established the business was experiencing financial difficulties at the time and an explosion happened late on January 11 or early the next day.
Eleven firefighters and three fire trucks were deployed at 12.45am, with the blaze taking hours to be completely extinguished.
The explosion was triggered by a spark from a compressor in the cellar when it automatically came into operation.
No charges have been laid over the fire.
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