Memo club sells for $2 million
THINGS are finally looking up for the former Emerald Memorial Club building after it went for $2 million at auction last month.
There was a great turnout at the auction, with seven registered bidders.
Auctioneer Bruce Smith started bidding at $1 million and competition between bidders brought the figure up to $2 million.
Ray White Emerald real estate representative Mark Muldrew said the successful bidder was Michael Young, who formally owned the property in partnership with Lewis Bickle.
Sitting on 7784sq m of prime CBD land, with frontages to Egerton, Clermont and Opal Streets, the Memorial Club was originally valued at $5.8 to $6 million.
Mr Muldrew said the drop in value was attributable to the economic downturn.
Mr Muldrew said there were no firm plans as to what the future held for the property.
“The owner is talking with a couple of prospective tenants at the moment,” he said.
“The property could be turned into a retail site, but at this point nothing has been decided.”
The development marks a new start for the property after the Memorial Club closed in 2008, leaving more than 50 people without their jobs and the town without one of its landmarks.
At the time of its closure the club held debts of some $5.6 million, compounded by a loss of trade as a result of the flooding in January 2008.