THE selling agent for the vacant Commonwealth Bank site in Langtree Mall is close to securing a buyer for the $1.5 million property.
Collie & Tierney First National director Ben Ridley said there were two bidders for 58-60 Langtree Avenue at an auction this week, “but it fell just short of the ($1.5m) reserve”.
“I’ve been able to negotiate a little bit higher on there (with a bidder), but I’m waiting to hear back from the Commonwealth Bank to hopefully pull the trigger on it,” Mr Ridley said late Thursday.
“We’re definitely getting much closer and I’m hopeful CBA (Commonwealth Bank of Australia) will agree to it.”
The bank has owned the site since 1985, when the mall opened to great fanfare. It paid $700,000 for the property back then.
It moved its CBD branch out of the mall a year ago, relocating to Lime Ave.
It’s understood the latest off-the-market offer for the middle-of-the-mall site is $1.45 million.
“I can’t tell you who this person is, or the industry they’re in, but it would certainly be an impressive tenant to have in the mall,” Mr Ridley said.
Asked what the prospective buyer was likely to do with the space, he said: “Probably gut it and reappoint it into how it’s going to suit the new owner’s needs.
“If they did have someone in the hospitality field in there, I think it could really generate some genuine interest in the mall again.”
