After nearly seven years and millions of dollars in investment, Stephen Birrell and Glenda Deans are set to call it a day as owners of the Tremain's Mill precinct.
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Since Mr Birrell and Ms Deans acquired the site in 2015, the site has transformed from an ageing industrial site into a restored CBD heritage asset attracting business, recreation, events and tourism.
New ownership has been secured for the site, with the owners to take charge later this year.
Mr Birrell said he's confident the new owners will help continue his and Glenda's vision to turn the Tremain's Mill precinct into a world-class tourist destination, as well as a vital community asset to the people of Bathurst.
"The owners we've selected have extensive experience with past heritage projects, and they're looking to put serious money into this place; we're talking around $30 to $40 million," he said.
"Their vision is not too dissimilar to ours, but it would've taken us longer to achieve it, so it feels like the right time to move on."
The decision ends months of speculation regarding the future of the site, with rumours spreading through the community like wildfire.
Mr Birrell said it was always the intention of his and Ms Deans' to make a statement on the future of Tremain's Mill when they felt ready, including notifying the precinct's tenants prior to the announcement.
"We're very proud of what we've achieved, but now's the time for someone else's vision to take it to the next level," he said.
Under the ownership of Mr Birrell and Ms Deans, the precinct has seen a raft of development projects, including the transformation of the Victoria Stores building into two commercial spaces and five luxury short-stay apartments upstairs.
Mr Birrell said the apartments proved to be the real surprise packet of the precinct's redevelopment.
"The apartments are close to being the most expensive accommodation offerings in town, and yet they're consistently booked out," he said.
"There's a critical shortage of quality accommodation in town, so we hope we've filled a gap in the market."
The precinct has also welcomed a number of prominent local businesses, such as Doppio and Spinifex Recruitment, and served as the birthplace for the Australian Milling Museum [AMM].
Mr Birrell said the AMM will eventually move from the Tremain's Mill site, with a suitable Bathurst location currently being sought to house its extensive collection of milling equipment and archives.
"The agreement we have with the new purchaser is that they will 'annex' the AMM for future determination," he said.
"Last year, the AMM received nearly $50,000 to put together a virtual tour of the mill, which has preserved what is already there."
The Tremain's Mill precinct has also provided an avenue for local artists to exhibit their works and to reside for ongoing projects, as well as a large green space for community events.
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