EFFORTS to sell the prime Warrnambool real estate occupied by Maddens Lawyers have taken a fresh approach with a suggested price tag of $1.75 million.
The portfolio has been transferred to Wilson Real Estate from Brian O’Halloran and Co after an expressions of interest process failed to secure a buyer.
Wilsons has suggested the Merri Street property overlooking Lake Pertobe would be an ideal site for residential apartments, offices or retailing returning up to $1.86m profit in two years.
“We are confident of attracting a buyer locally by explaining all the possibilities for the site,” agency principal Mark Wilson told The Standard last week.
“One option is for luxury apartments with offices.
“It’s got direct connection to the city centre and fantastic views.
“Subject to approvals, development could start immediately when Maddens vacate.”
The 71-year-old building is the former Sandilands guesthouse built by former master builder Ernest Stanley Harris.
It was embroiled in controversy for more than three years after a demolition permit application was blocked by the city council and state planning minister on heritage grounds.
After an independent planning panel hearing, Warrnambool City Council issued a demolition permit in 2010.
Maddens Lawyers aims to move into a new office complex that is being constructed on Warrnambool’s Fairy Street.