Auction fizzer, but RSL site sells

PHOTO: Emma Hillier
THIRD CALL: Garry Nash of Garry Nash & Co was the auctioneer. PHOTO: Emma Hillier

THE home of Wangaratta RSL sub-branch for the last 65 years has sold for undisclosed amount following auction on Friday.

Only two vendor’s bids were recorded at auction, the first at $760,000 and another at $780,000 but they failed to stir interest from the audience that consisted of about 50 people.

However, shortly after the property was passed in at auction private negotiations pursued and an agreement of sale was met.

Wangaratta RSL vice president Andrew Kay said the identity of the buyer and the price of sale will remain in confidence.

“The sale will make the future clearer for the Wangaratta RSL and we will build our new venue as planned,” Mr Kay said.

It was noted during the auction that a return on investment of 12.5 per cent was available for the new owner as the RSL will become a tenant until the new venue is built.

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