HOT PROPERTY

ONE of Myrtleford's prime business locations will go under the hammer next Wednesday and is likely to be sold. The building, located on the corner of the Great Alpine Road and Standish Street, houses key tenant Target and has vacant floor space for other tenants. The auction, which is being held at Crown Casino, came about from the liquidation of developer Robant Development Pty Ltd. Vinci Carbone Property director, Joseph Carbone, visited the property recently, as the selling agent, and believes it offers strong value. "It's in a very good position at the gateway entrance to the town” he said. Mr Carbone said the market for properties such as the Great Alpine Road and Standish Street complex was generally good and he had fielded a number of enquiries from prospective buyers. "Investments such as this one with a blue chip tenant are very few and far between," he said. Mr Carbone said investors were seeking opportunities such as the Myrtleford property, as they don't exist in metropolitan areas and people are being forced to search the regional centres. While a reserve price won't be divulged until just prior to the auction next Wednesday, the expectation is it will fall within the $1.7 to $1.8 million range, according to Mr Carbone. "That's the price we’ve been shopping to our clients," he said. Given the building has a history of being sparsely occupied beside Target, Mr Carbone said if a new owner offered rental leases at a reasonable rental level, there was a chance businesses could be attracted to the site if they were given time to become established. Former Myrtleford real estate agent Fred Neal was involved with the company when it constructed the building and feels they erred in being overambitious with their rental charges when they first opened. "If they were originally rented out at •the going town rate, the three shops would have been full," he said. Deloitte partner Simon Wallace-Smith was appointed after Robant Development went into liquidation on February 25 this year. A Deloitte spokesman said investigations into the company's failure are continuing.