Developing potential for region
POUND St could become the next hot precinct in Grafton if a developer with the right vision buys the former Farmer Lou's site on the corner of Pound and Queen St.
Bailey and Gough First National principal Rod Ford said there was a bit happening in the area of the site which included the former grocer, two other buildings and vacant commercial land.
The four holdings are up for auction tomorrow.
"There is no other site of that size left in Grafton to allow that versatility," he said.
"We haven't had a huge amount of interest, but we have had a good small amount of high quality inquiries.
"They have come from fairly far afield including Sydney and Singapore.
"We have gotten quite a bit of out of the Gold Coast, the metro market looking for regional opportunities."
He said the square metre rates in regional areas, compared to metro areas, had piqued the interest of out-of-town investors.
"There's a lot of people who have been sitting on their hands and now we are seeing some movement," he said.
"Commercial money rates are the best they have been in while."
With the opening of the close-by Sir Earle Page Library and Education Centre earlier in the year, Mr Ford said that end of Pound St could be a "sought after area".
"Owners of the Grafton Mall are going to make a new entrance directly opposite this site," he said.
"A new restaurant has been approved where Pot Belly Pies was."
He said there was real development potential, but possible improvement of the current site was also an option.
"The old Red Cross building is due for renovation, and the former Farmer Lou's could have a makeover," he said.
"This site is very unique; there isn't anything like it available."
Mr Ford said the site and all four titles was owned privately by a local family and had been for years, but they decided it was time to sell.
"It's amazing what a bit of foresight and paint brush can do, it is exciting for that part of town."
The auction is on site at noon tomorrow
Site 1 - 1201.4 sq m of commercial land. (vacant)
Site 2 - 548.9 sq m with the original Red Cross Building in situ. (vacant)
Site 3 - 546.3 sq m with Donna Edye Hair Salon in situ. ($13,000 p/a)
Site 4 - 980.1 sq m with the former fruit market in situ. (to be vacant 30/6/14)The property is offered as a complete package in the first instance, totally 3275 sq m.