This article is from the Australian Property Journal archive
GOULBURN’S iconic Mechanics Institute, home to NAB, NSW Police and the state government, has sold under the hammer to a private investor for $4.8 million.
The 1,213 sqm corner site at 167-173 Auburn Street, in the heart of the regional NSW town, was sold by Cushman & Wakefield’s Ryan Cross and Anthony Bray alongside auctioneer Damien Cooley from Cooley Auction.
Opposite Belmore Park, the Mechanics Institute building was constructed in 1881 on the site as an addition to the original Institute building that was opened in 1860. The outbuilding on the site is known as the Technical School.
Used for educating workers on their trade through lectures and hosting a library, a public theatre was added in 1869 and then a skating rink in 1877, as a way of attracting and retaining members.
The recent campaign marked the first time the property has been offered to the market since 1993, when Goulburn City Council sold it for $657,000. It sold fully leased with a return of $277,390 plus GST per annum net.
“The sale price demonstrates the strong demand for sites with blue-chip tenants and long-term leases in place,” Cross said.
“Goulburn is situated directly between Sydney and Canberra, and demand for landmark assets continues to increase as investors seek to take advantage of well-located buildings secured by listed, national and government tenants.”
He said Goulburn had been a flourishing rural city since the 19th century and now a regional hub for surrounding agriculture, with most of its buildings dating back to this period, including 167-173 Auburn Street.
Australian Property Journal
