Jason McPhail bought the High Street property, which houses J&M Clothing and Julia's Fabric Boutique, from the Adams family.

LJ Colquhoun Dixon managing director Andrew Dixon said the Adams family had owned the building for generations.

"It's an excellent result," he said.

"There was plenty of interest and four or five bidders.

"It's a unique site with generous frontage on High and Bond streets.

"It's right for development down the track but with guaranteed income from long-term tenants."

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Mr Dixon said the sale reflected the strength of the market in Albury-Wodonga and regional Australia.

The shop is on the northern end of High Street and is the first past Junction Place.