Agent James Thompson - who sold the property in Bant Street back in 2002 and has now sold it a second time more than two decades later - says there was an offer made and accepted before last month's scheduled auction.

He said he can't disclose the price at this point, but the buyer plans to "progressively start to do it [the property] up".

Carillon Theatrical Society president Benny Hope announced in early March that the group would be putting its South Bathurst home, known as "Milltown", on the market.

Mr Hope said the society's board had not made the decision to sell lightly and, though it was a sombre moment, it was also "an exciting opportunity for growth and evolution".

He said the society, once it sold "Milltown", would "then be on the lookout for a new home where we can hopefully have a lot more space and be able to do a lot more things inside of that space that we, just simply, aren't able to do at the moment".

"Milltown" comprises a brick over bluestone foundation school house with cathedral ceilings and renewed iron roof, which includes a large hall, secondary studio, kitchen and large storage room, according to the advertising for its auction.

Agent Mr Thompson, of @realty, said the property was a school until 1968.

"They had a fire there in the early 60s, which burnt down one building which is where the shed now is placed," he said.

"They rebuilt that location with a storage facility rather than another school building.

"In 1974, they moved the school to the new site up in Havannah Street and then, between '74 and 2002, the Education Department used the site for storage; for files.

"And then in 2002, we auctioned it and it was purchased by the Carillon Theatrical Society, driven by Cynthia McNeil."

More than 20 years later and the building needed some work, Mr Thompson said.

"They [the Carillon Theatrical Society] had several meetings and through board systems and through advice, they decided that it's probably not the building for them anymore because they're going to become building renovators rather than theatrical people," he said.

In terms of the buyer's plans for the property, Mr Thompson said "Milltown" is zoned general industrial.

"So they [the buyer] will do some leasing of the shed, do some renovating of the schoolhouse," he said.

He said the schoolhouse is inside the preservation zone for council, "but it's not heritage-protected in terms of being heritage-listed".

"So the people who are buying it, they're going to be sympathetic towards that and they will seek council advice as to what it's got to look like throughout a process of doing it up.

"And the process will take some time. It's a very big building, it's solid and there's a lot to go into it."

In terms of the finished product, Mr Thompson said there had been talk "about a restaurant, talk about a speakeasy bar, talk about it being leased out as a hall for people to do speech and drama or kids dancing or some sort of theatrical thing".

"So there's a multi-list of uses there for them and at this point in time I actually don't know what the end story is with the schoolhouse itself."

He said the purchaser was keen to buy before the scheduled auction and put in a "most acceptable offer prior to".

"They were prompted to purchase without going to the auction process and their money hit the mark, hit the target, so a bird in the hand ...," he said.

"It worked for the vendor and it worked for the purchaser."

Settlement will be before the financial year closes, Mr Thompson said.

"Ownership will change over, the theatrical society will move somewhere and these guys will come in and start their project."

IN a Facebook post after the sale of "Milltown", Carillon Theatrical Society president Benny Hope said that while bidding farewell to the property "tugs at all our heartstrings", the group is embracing "the opportunities this sale presents as we embark on an exciting new chapter in our journey".

"The decision to sell Milltown was not taken lightly, but it represents a strategic step forward in ensuring the continued vitality and growth of the Carillon Theatrical Society," he said.

"As we bid adieu to this cherished venue, we express profound gratitude to all who have contributed to its legacy over the years - from dedicated board members and talented performers to our loyal patrons and supporters.

"Your unwavering commitment has been the foundation upon which our society has flourished, and we carry forward your spirit of passion and dedication as we look toward the future.

"While Milltown holds a special place in our hearts, we are energised by the prospect of finding a new home that will enable us to continue inspiring audiences and fostering artistic excellence in Bathurst and beyond.

"The Carillon Theatrical Society remains steadfast in its commitment to enriching the cultural landscape of our community, and we invite all members and supporters to join us on this exciting journey as we write the next chapter of our storied history together.

"Stay tuned for updates as we embark on this new adventure, united by our shared love for the performing arts and the enduring spirit of the Carillon Theatrical Society."