SOLD: The old Farmer Lou’s site sold for $1.255 million on Saturday.
SOLD: The old Farmer Lou’s site sold for $1.255 million on Saturday.

$1.255m purchase price for site ‘great sign’ for the region

THE old Farmer Lou's building site on the corner of Pound and Queen Sts, Grafton, sold for $1.255 million at auction and Bailey and Gough First National principal Rod Ford said the sale was a great sign for the Clarence Valley.

"There is a lot of speculation and everyone is looking forward to what happens next," Mr Ford said.

"There was a strong crowd in attendance."

Mr Ford said the bidding opened at $950,000 at the August 2 auction and there were two strong bidders.

He said the site attracted out-of-town interest because of the competitive regional square metre rates compared to metro areas.

Mr Ford said the building was unique and had development and site improvement potential.

He said the buyer had not yet disclosed his plans.

Bailey and Gough First National Real Estate Agent Robyn Hunt said the buyer was local, but there were inquiries from Sydney to Singapore.

WHAT WAS SOLD

  •  1201sq m of commercial land (vacant)
  •  548sq m with the original Red Cross Building in situ.
  •  546sq m with Donna Edye Hair Salon in situ.
  •  980sq m with the former fruit market in situ.


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