The disposal of prime real estate in Albury owned by the Abikhair family will ramp up later this year with a key development site hitting the market.
Two vacant, dilapidated buildings and Abikhair House at 481-487 Swift Street will be auctioned by agents L.J. Colquhoun Dixon on October 15.
The Abikhair family's link to the commercial heart of Albury was broken in January last year when Allan Abikhair died at the age of 84.
"Potentially it is a multi-storey residential, commercial development," agent Andrew Dixon said.
"People have been wanting to buy this site for decades.
"It is arguably the best development site that has come on the market in central Albury for many years."
There has already been movement on family-owned property including an Art Deco home in Lindsay Avenue, Forrest Hill, selling at auction earlier this year for $1.32 million.
New tenants have also moved into shops still owned by the family including Osborne's Gift Shop in Dean Street and a boutique and liquor store opening soon in the S.M. Abikhair shop fronting Olive Street.
Lane Cellars was founded in Orange by business partners Campbell Hedley and David Cumming and are expanding with an Albury store due to open in coming weeks.
The Burraja Gallery has also opened in part of the shop first established by Allan Abikhair's grand-father, Saad, in 1928.
IN OTHER NEWS
When the Abikhair shop closed in the mid-1990s, Albury Council purchased the merchandise and stock and later formed part of an exhibition.
The Abikhair property portfolio interests expand beyond Albury into Henty, Urana and Culcairn.
The Swift Street property which is going under the hammer in October has a total site of area of about 2035 square metres on two titles.
L.J. Colquhoun Dixon has also been engaged to sell another Abikhair property on the corner of Mate and Fallon streets in North Albury.
The property located next door to DLG Aluminium & Glazing features a large warehouse which could be converted into smaller showroom or warehouse units.
The auction will take place on site on October 8.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: