Two Armstrong Street properties went under the hammer last night at an in-room auction for a combined total of more than $2 million.
The former Occasional Child-Care Centre at 112 Armstrong Street was sold for $1.225 million while the building currently leased by Ballarat Insurance brokers went for $985,000.
The property at 112 Armstrong Street was previously owned by the City of Ballarat Council and used as the Occasional Child Care centre.
This has now transferred to Girrabanya, after a $1.25 million state-government funded refurbishment.
There are a lot of things happening around that location that are generating interest from other businesses that want to be thereTrevor Booth, Ray White estate agent
The 965sqm block, which is flanked by Ballarat and District Aboriginal Co-operative, is on a prime development site.
Approximately 1,000 workers are expected to transfer to GovHub once the works are complete.
The property was sold to a locally based business.
The building was purpose built for child-care but it is believed the buyer is looking to convert the building for "professional use".
It is not yet clear whether this means offices, or retail or medical use.
Trevor Booth, a director of Ray White Ballarat, the real estate agency who ran the auction, said the amount of money reflected the changing dynamics of the area.
"It's a great location and that area is undergoing a significant transformation," he told The Courier.
He said that the GovHub, the station precinct development as well as the Mair Street upgrades were helping sales in the area.
"There are a lot of things happening around that location that are generating interest from other businesses that want to be there."
Further towards the centre of the city, the building at 31 Armstrong Street South where the offices of Ballarat Insurance Brokers are housed, was also sold.
The sale was negotiated to an out-of-town buyer for $985,000 after coming back at $975,000, which was under the reserve price.
It was purchased as an investment property, with no changes expected to the current tenants.
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