ALBURY’S T&G Building is being offered for sale for the first time in almost 40 years.
The landmark property, located opposite Murray Art Museum Albury in Dean Street, will be auctioned later this month after its Melbourne-based owners decided to sell and hope to continue a string of bumper sales in central Albury.
Built in 1933 by the Temperance & General (T&G) Life Assurance Society, the building remains almost in an unaltered state with the 25-metre high tower a prominent feature of the city.
The Albury building was one of only a few of its kind constructed in regional areas with the others being Geelong, Newcastle and Mildura.
They were also built in capital cities, Sydney, Melbourne and Perth.
Other significant buildings to emerge in Albury in the same art deco era included the AMP building next door, New Albury Hotel, Regent Cinemas and the war memorial on Monument Hill.
The distinctive four faces of the tower display the T&G initials which which are almost two metres high.
Agents Stean Nicholls have been appointed to sell the property at auction on November 23 at Mantra Albury, which opened earlier this year.
“Rarely does a building of this calibre come on the market in central Albury, let alone most regional cities,” agent Michelle Jones said.
“The building offers the new owner excellent income from the commercial tenancies and the capacity to significantly increase this through letting the residential apartments should they wish.”
The T&G Building has 16 commercial shop fronts including three facing Dean Street and a basement property presently occupied by So Cal Cantina after the Pancake Parlour was a long-term tenant before closing in 2001.
Other shop fronts are along AMP Lane with 12 suites and three residential apartments on the first floor.
A further nine apartments are located on the second floor.
Present annual rental income is $338,558 with the estimated fully leased income being $422,758.
Level one of Florin House in Smollett Street also sold for $5.1 million.
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