There have been countless rumours and innuendo about who purchased the Landmark Building in Yass recently.
Today we put those rumours to bed once and for all and accompany that news with a sale that is equally if not more significant.
Local investment group “CVC Investments” were the ones to make the purchase of the Landmark Building for $3.2 million and have also purchased Irvine Square, the IGA block.
Spokesperson for the group, Chris Pothan spoke to their reasoning for the purchases.
“We’re looking at commercial property and residential land development in the Yass area, and everyone in the CVC is connected to Yass one way or another. Either they were born in Yass, went to school in Yass or are currently living in Yass,” he said.
As for the likely use for the Landmark Building, Chris said it would be leased to either one or several businesses.
“We’re just looking to get a business back in there, and we’re currently negotiating with a few businesses. We’re either looking to divide the tenancy up into a few smaller businesses, or we are still negotiating with businesses that could lease the entirety of the building,” he said.
The Irvine Square block is less likely to see any extravagant changes in the short-term, with future plans considered more of a long-term prospect.
“We’ve just gotten hold of the properties for now, we’ve definitely got future plans but they are long term as obviously there’s going to be
a lot of money needed to invest into these places to upgrade them,” said Chris.
CVC Investments won the bidding for the Irvine Square block, despite not having the highest bid.
“There were four or five competitors and we came out, and we weren’t the highest bidder.”
“There was a Chinese company that was trying to buy it which was really surprising to us, and they outbid us but the owners decided to keep it local,” he said.
CVC Investments comprises successful business people who envision Yass with enormous potential growth over the next 20-30 years.
“We just see Yass as a good place to invest with its location to Canberra, the highway duplication going ahead and if you look at government estimates they’ve got this area as one of the best growing areas in New South Wales.”
“I look at Yass, like Camden to Sydney. If you go back 25 to 30 years ago Camden was a small country town outside of Sydney that no one ever thought anything of, and now it’s a suburb of Sydney.”
“We’ve definitely got our hearts in the right place. I live here, the kids go to school here and have grown up here, and I do business in Canberra and Sydney, others in Queensland and by doing business at these places, we can see what Yass needs,” said Chris.
The Landmark Building has been one of Yass’ many dormant assets. With the recent purchase by CVC Investments, it looks set to be finally utilised.