A PROMINENT building in central Bendigo has sold for $1.615 million.
The historic building on the corner of Hargreaves and Mitchell streets was sold at auction Friday morning.
About 30 people attended the auction, with spirited bidding from two people.
The property was purchased by an as-yet undisclosed buyer.
According to agents Tweed Sutherland, the building was last placed on the market more than 50 years ago.
“It is beautifully positioned on the corner of Mitchell and Hargreaves Streets with a prime corner aspect and with a massive flow of passing foot and vehicular traffic,” the real estate company said.
“There are three tenancies in place, all of whom have been long term tenancies and all are extremely well-patronised and showing a fantastic return to the current owners of the property.
“There is also a large first floor space, which other than one room, is currently vacant and would be perfect for conversion into a sensational inner city apartment overlooking the Hargreaves Street Mall.”
The property was auctioned by agent Craig Tweed, who said the sale was rare.
"In 10 years we've probably had two properties like that," he said.
"They're just so tightly held.
"There were seven shareholders in the current ownership who just thought it was time to move on.
"They'd owned the building since 1954 through their families.
"It's only the second time the whole property has been sold in 110 years."
The William Beebe designed building was constructed in 1904 for a member of the Lansell family.
Mr Tweed said the new owner did not have any major plans for the building.
"They'll probably renovate the first floor to lease it," he said.
"But other than that it will just be business as usual.
"He's toying with the idea of putting in residential accommodation or offices.
"It's a good outcome for the owner and the purchaser got a good deal."