AFTER just 10 days on the market, The Victoria Hotel building has been sold for the asking price of $1.1 million.
The sale was handled by Professionals Bathurst real estate agent Mark Sullivan, who credited the quick sale to a great marketing campaign and the significant investment into improving the Tremain's Mill precinct.
A national marketing campaign was used to get more eyes looking at the commercial property.
Mr Sullivan said advertising was placed in print products locally and in Sydney, and high-profile listings were placed on key commercial real estate websites.
Social media was also utilised.
The advertising was further supported by a 20-page information memorandum, which told potential buyers all they needed to know about the property and the area.
"It was a very, very comprehensive marketing campaign and that generated 61 inquiries on the property in eight days, which is absolutely incredible," Mr Sullivan said.
The property was eventually sold to a couple who split their time between the Central Tablelands and the Central Coast.
"This couple were in Sydney and they bought the Sydney edition of the Sun Herald and that had the advertisement for The Vic in it," Mr Sullivan said.
"They're a retired couple who spend their time between the Central Tablelands and the Central Coast, and the property was purchased by them as a passive investment."
What stood out to the couple about the property was the fact that it provides multiple revenue streams.
The couple were also impressed by the amount of work and the financial investment that had gone into revitalising the Tremain's Mill precinct.
"It ticked a lot of boxes for them," Mr Sullivan said.
"They just said it sounds like the business is strong, which of course it is and continues to be, and they didn't muck around at all.
"They came and saw me on the Tuesday and they had taken the property off the market by Thursday, and that's working with a local solicitor, working with me. It's really a good example of someone using local consultants to get a fast result."
In his time as a real estate agent, Mr Sullivan can't recall coming across another high-priced commercial property that has sold so quickly.
He said 91 per cent of the inquiry on The Vic came from Sydney, proving how important a good marketing campaign is to sell commercial property quickly and for a good price.