BALLARAT'S former RSL building has finally sold.
A local man has purchased the building for an undisclosed amount, although it is believed to be well in excess of $1 million.
Estate agent Ken Clarke of G Gull & Co said the new owner was planning to transform the historic building into serviced accomodation apartments.
He said there had been interest from about 10 different parties since the building was passed in at auction almost four weeks ago.
"It is still very early days but at this stage he is looking at turning it into serviced apartments," said Mr Clark.
At the auction of the property last last month, just one bid of $1.15 million was received, falling well short of the $1.5 million reserve price.
Built in 1901 by surgeon William Cussen, the two-storey building was listed for sale in November 2011 after it was deemed inappropriate for the RSL.
The Ballarat RSL sub branch has relocated to The George Hotel in Lydiard Street North.