AFTER a 12 month campaign and a halt on interest due to COVID lockdown, the majestic and historic Theatre Royal is finally off the market.
"We had significant interest in this campaign leading up to the first COVID lockdown and then of course no one wanted to buy an entertainment venue during a pandemic, so that put a halt on things," LJ Hooker Lithgow's Jamie Giokaris said.
Fortunately now that lockdown has lifted and investors are looking to spend money, Mr Giokaris and Cabmon Property's Peter Seeto sold the iconic building situated in Lithgow's Main Street at an auction on October 28.
The property was sold at auction with five registered bidders and 15 bids after receiving plenty of interest. It was sold on behalf of the estate of town legend and pharmacist, Mr Hugh Dougherty to a Sydney based property investor/developer.
Mr Giokaris said the investor will offer the property a bright future, potentially developing the site further which was a positive for Lithgow.
"Sales like this are proof of the genuine interest that metropolitan has in any sort of area for commercial and industrial investment," he said.
"There has been some large commercial sales recently with the old Zig Zag Brewery and other major landmark buildings are being traded and they're being purchased by people out of area, with certainly significant funds behind them to do some redevelopment and investment in Lithgow."
Mr Giokaris said while the residential market was very much alive and booming in regional NSW it was great to see investments being made.
"If people come buy a house that's great but when people are buying a building like this and seeing a future in it and seeing it worthwhile, and spending significant money redeveloping it and a return at the end of it, then that's a wonderful thing," he said.
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