BUY ON TARGET

A MELBOURNE based buyer has paid $1.557 million for the Myrtleford building housing Target on the main thoroughfare through town. The property went under the hammer last Wednesday at Crown Casino and Vinci Carbone property director Joseph Carbone was on the money in predicting there'd be lively interest in the sale. “It was a very spirited auction with five parties competitively bidding for the property," Mr Carbone said. “The price was above the vendor's expectation and was an all-round good result." Deloitte put the building up for auction after owner Robant Development Pty Ltd went into liquidation in February. The real estate agent had been shopping the property to prospective buyers at $1.7 to $1.8 million after it went on the market. Mr Carbone said the buy reflected an 8.6 per cent return on the Target passing rental. With the popular variety store the main tenant in the building, and stable in a long term lease, the property gained attention for its investment value, Mr Carbone said. And with potential to fill the remainder of the building, which has been predominantly empty since construction, its likely to grow. "The purchaser does intend to actively seek a tenant, preferably, or tenants for the vacant space in the building," Mr Carbone said, adding he had taken enquiries about the possibility of renting the floor space. In what bodes well for the town and extended area, another business opening in Myrtleford could result in employment opportunities, especially if the enterprise is a medium-sized operation. Such an outcome would be met enthusiastically by the Myrtleford Chamber of Commerce and president Frank Ivone feels the town isn't suffering a downturn with investors showing confidence in the place. “Obviously to have five buyers very keen to acquire the property, they all had inclinations to fill the building," Mr Ivone said. "From the chamber's perspective, we're excited about the prospect of a new business opening in Myrtleford and the sale of the building is a milestone that has been lifted from someone's neck.” "You only have to see how many businesses there are for sale to see this is a vibrant town, as there is only a handful."