A Victorian homebuilder has been revealed as the owner of a building in the Bendigo central business district that it plans to rejuvenate and turn into a regional hub.
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Sherridon Homes acquired 2-4 Pall Mall, Bendigo in December, after the property was on the market for 12 months.
The historic building is partially tenanted, with a vacant portion most recently home to Dymocks bookstore.
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Sherridon plans to support growing demand for their homes in the regional north, including Greater Bendigo and Shepparton, by transforming the centrally located building into its customer hub.
The homebuilder is focusing its efforts on both internal and external rejuvenation, including the removal of the upper-level hoarding to reveal and restore the building's original facade and windows.
Internally, the untenanted portion of the 545 square metre space will be fitted with a colour selection showroom and office space.
The company is preparing plans for council approval and intends to commence works as soon as possible.
Sherridon Homes regional general manager Natalie King said a team of local experts has been assembled to oversees the regional north operations and help the community realise their new home dreams.
"We are committed to being a regional builder, creating jobs and opportunities for local businesses to support the growth of the region," Ms King said.
"Underpinning our success will be the strength and support of a large building group embracing the knowledge of a local team."
McKean McGregor commercial sales agent Jeremy Brown said investors see value in central Bendigo property.
"Some of the yields in Melbourne are so tight, which means there is the opportunity to get more bang for your buck in Bendigo," Mr Brown said.
The site was listed for sale for $1.4 million, with the final sale price undisclosed.