Historic 1876 landmark in country NSW for sale
A historic landmark in country NSW has come up for auction: the old arcade in the centre of Orange, built in 1876 to house a bank.
Still featuring its original Victorian fireplaces, mantels, detailed joinery, cornices, sweeping carved staircase and 4.2-metre-high ceilings, the Centrepoint Arcade is now to be sold on August 30 with an expected price of $6.5 million to $7 million.
As well as housing the Australian Stock Bank, the arcade was also the home of its first manager, Colonel George Walker Waddell, commandant of the NSW Militia Company.
In the centre of the CBD of the thriving Central Tablelands country town, it’s benefited hugely from the knock-on effects of the COVID pandemic, which saw city people in their droves up sticks and move away to the country. The population of Orange has grown more than any other regional NSW town.
In the past year alone, the latest Domain House Price Report shows the median house price in Orange has leapt by 27 per cent, and an astonishing 96.1 per cent over the past five years, to a new record of $700,000.
Retail has been boosted tremendously as a result. “This represents long-term financial security with high occupancy, in a building available for acquisition for the first time in 21 years,” said Ryan Cross from Sydney commercial real estate agency Next Commercial who’s handling the sale in conjunction with local agency Blowes Real Estate.
“It’s a very prestigious building, right in the heart of Orange next to Australia Post, absolutely steeped in history. We’ve had a lot of inquiries from a wide variety of people including high-net-worth individuals and families because it’s such a statement property in the town.”
The arcade, at 226-232 Summer Street, is these days a 1000-square-metre site with 2050 square metres of lettable space, currently occupied by a number of long-term tenants such as Collins Booksellers, Just Jeans and a variety of government agencies.
At three levels tall, in an area zoned with a maximum height limit of four, there’s possibly the opportunity to extend it upwards, too.
“This is a rare opportunity to secure such a prestigious part of history,” said Gary Blowes of Blowes Real Estate. “It’s a lovely old building and the current owners have restored it back to its true heritage. There wouldn’t be any building on the main street of Orange that’s as good.
“We have a tiny CBD here in Orange, with shops that are reasonably small and compact, but they’re very well frequented.”
The auction is expected to attract a number of private investors as well as retail asset syndicators, attracted by its income stream and opportunities to renovate and extend.
With Orange enjoying a new renaissance as a lifestyle choice for so many former city-dwellers, for its green spaces, fresh air and acclaimed wine industry, the arcade’s fortunes are expected to continue to rise along with the growing local population.
