The search will continue for a new owner of Warrnambool’s Callaghan Motors site.
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Ludeman Real Estate director Mark Dwyer said an expression of interest process failed to produce a buyer.
He said negotiations for the commercial-zoned property were continuing.
“We’re not at the figure we want,” Mr Dwyer said.
The property, on 11 titles, was offered for sale through Ludeman Real Estate and conjunction agency Knight Frank.
Expressions closed on Wednesday and Mr Dwyer said he couldn’t disclose the number of expressions received.
“We haven’t got a successful outcome at this stage,” Mr Dwyer said. “There has been some interest shown but we are working through that interest.”
He said the central site had attracted interest from “out of town” retailers and while the Knight Frank agents were in negotiations with an interested party, it was “still on the market”.
Work at Callaghan Motors’ new Raglan Parade premises has begun and the dealership will relocate late next year. The site will also be home to New Age Caravans and leading 4WD accessory retailer TJM who move in mid-2017.
