BATHURST Regional Council has forked out nearly $2 million to snap up a prime piece of real estate on Mount Panorama.
The property at 98 Mountain Straight was listed with both Professionals Bathurst and Raine and Horne, and together they successfully sold it at auction on March 6.
Council ultimately paid $1,970,000 for the property.
General manager David Sherley said the property's strategic location made it attractive to council.
"It is in the Mount Panorama precinct and it allows us to look at how we can get people in and out of the precinct," he said.
At this stage, council plans to find a tenant for the property and, in future, will look at using the land for more spectator experiences and to provide resident access.
The acquisition of 98 Mountain Straight has expanded council's already substantial Mount Panorama property portfolio.
"Council has a reasonable bank of property on the Mount," Mr Sherley said.
"We own the pit paddock area and we have a reasonable amount of land up on Conrod Straight.
VIDEO: Have a look around the property ...
"We also own land at the top of Mount Panorama."
Mr Sherley said council always has an interest in purchasing property on Mount Panorama, taking the strategic location of the property and price into consideration.
Raine and Horne director Matt Clifton said there was a lot of interest in 98 Mountain Straight, seeing nine registered bidders on auction day.
"We received considerable interest in the property from both local parties and people from Sydney and a lot of interest focused on the location of the property on Mount Panorama," he said.
The price achieved at auction exceeded expectations, however it couldn't easily be compared to what has been achieved by other Mount Panorama properties.
"All the properties are quite different on Mount Panorama, but there was definitely a premium that was paid." Mr Clifton said.
"Anything that does sell on the Mount does have that X-factor, so any property on the Mount will sell for more than if the property was in any other location."
Mr Clifton said 98 Mountain Straight was a very unique property.
It was architecturally designed and built in 1970 and came with quality inclusions such as a swimming pool and tennis court. The home sits on 4.3 hectares of land.
The property was from the estate of retired medical practitioner Dr Noel Lucas, who passed away on Christmas Day last year.