More than $2.5 million has been spent on upgrades to the two-storey building in the past five years, including approximately $1 million on the upstairs Millson Business Centre.

The site offers a combined annual net rent of $321,199 plus GST, as well as a renewed five year lease to 2024 plus option to Australia Post, which has been on-site for more than 25 years.

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The upstairs property is leased for five years to 2026 plus option to Millson Business Centre, providing short to long term leases for private office space, with more than 90 per cent occupancy.

In other commercial property news, prospective buyers have until close of business Wednesday, May 12 to submit their bids for 267-275 Lyttleton Terrace and 49-55 Williamson Street Bendigo.

The properties will be offered together or separately.

Situated on a high profile CBD corner allotment with longstanding tenants, the property is well suited to investors together with developers/occupiers looking to capitalise on strategic development clauses.

The double storey red brick building located at 117 Mitchell Street, Bendigo was passed in at an online auction on Friday, May 7.

Selling agent Matt Connolly from Ray White confirmed there were ten groups online for the auction, including four registered bidders. Late yesterday, negotiations were ongoing.

The home presents a multitude of options, and was more than 100 years ago. Situated on approximately 644 square metres, it has been used as a boarding home comprising up to 12 bedrooms, two kitchens, three shower rooms and multiple toilets. The property is zoned Commercial 1, and is opposite Bendigo train station and Bendigo Marketplace.

117 Mitchell Street was last sold by Bendigo Real Estate director Damien O'Shannessy at an auction in May 2019, for $970,000.

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