If it reaches that target it would be one of the biggest commercial property sales in the history of the city.

Agent Andrew Dixon said when the property is advertised for expressions of interest next week he expects calls from "all around Australia".

"The building is known to everyone in Albury, of course, but its location and fame makes it very attractive to a lot of people from far away as well," Mr Dixon said.

"There may be a local investor who would be interested in it, we don't know at this stage. But as it's a landmark retail investment in the heart of Albury, we are expecting offers from all around Australia.

"It's in the middle of the main retail area of Albury - on Dean Street from Kiewa Street, that strip is almost fully occupied - it is a great location. "

Local historian and journalist Howard Jones said the building was steeped in fascinating history.

"The Liberal party was founded there in 1944; that building was where it all started," he said.

"It was certainly a grand old building for a country town.

"It was the biggest department store between Sydney and Melbourne."

IN OTHER NEWS:

While the facade is marked 1850, which marks the establishment of Mate's Limited, the two-storey building on the corner of Kiewa and Dean streets was actually built in 1916 after a fire razed the original structure.

An addition was completed in 1929 and another extension - the part of the structure next to Volt Lane - was added six years ago.

Proton sold the Mate's building in 2011 to WHK, which later changed its name to Crowe Horwath. A year earlier the property was passed in at auction for $13 million.

The Harris Farms, Amart complex on Young Street, which was originally the Dalgety wool stores, sold for $29.5 million last year. The New Albury Hotel, better known to locals as Beer Deluxe, sold recently for $13.2 million.

Mr Dixon said the Mate's building had tenants who occupied more than 9000 square metres of area.

He said the property would be attractive for investors as the income stream was secure with nearly 90 per cent of the space occupied by national companies.

"It's in a prime corner site in the blue ribbon retail and commercial precinct of Albury," Mr Dixon said.

"Investors know that Albury is a vibrant regional centre with a diversified economic base that plays a strategic role given its road and rail connectivity between Sydney and Melbourne.

"Mate's is well positioned to benefit from strong economic growth in Albury."

To read more stories, download The Border Mail news app in the Apple Store or Google Play.

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:

FacebookTwitterWhatsappEmail