THE historic Oatmill Complex in Mount Gambier has been placed on the market for the first time in more than a decade.
It is understood the property could fetch a multi-million dollar price tag given its historic nature, prominent location and 3700 square metre footprint.
According to owner Alec van Riet, it will be “business as usual” for tenants Oatmill Cinema, Caffe Belgiorno and MJ Dance Studio during the sale process.
The property owner hoped the potential sale would attract an investor who wanted to see the site reach its full potential.
Mr van Riet purchased the site 11 years ago because he “fell in love” with the buildings, which were originally home to a flour and oatmeal milling operations.
Revealing he was nearing retirement age, he said the potential buyer needed to come with a vision and a business plan so the site could be developed.
“I would love for a local investor with the right ideas to purchase the property and transform it into a vibrant precinct for Mount Gambier,” he said.
He said at the moment only half of the building space on the site was leased.
“So the opportunities are enormous for the right purchaser – there is a lot of potential to develop the site,” he said.
Mr van Riet said the Oatmill Complex was among the most prominent historic gems in Mount Gambier.
“When I bought it I wanted to leave it better than I found it and to make it into something the whole town could be proud of,” he said.
He flagged a boutique hotel housed in the former Purplez building was among possible options for the site.
The massive timber beams used at the site came by ship to Port MacDonnell and were dragged by bullock droves to Mount Gambier in the 1860s.
“That is just a fantastic story, the site is so unique,” Mr van Riet said.
“You could never replicate the Oatmill.”
Oatmill Cinema manager Shane Fulwood said it was “business as usual” during the sale process, but hoped a change of ownership would inject renewed vibrancy into the entertainment precinct.
He said yesterday movie-goers would see no changes at the cinema during the sale process of the overall complex.
Mr Fulwood said he was optimistic a change in ownership would bring some “big-picture” views to the site and revitalise the complex.
“The site has huge potential,” he said.
“It’s certainly one of the most prominent character buildings in Mount Gambier and would be impossible to rebuild anywhere else.”
Conceding it was a challenging site given its heritage aspects, he said it had great potential for someone with imagination.
“The building needs more than just a facelift – there are some parts of this complex that have not had a regular tenant for 20 years,” Mr Fulwood said.
He said he hoped a new owner would see its potential and invest in the property.
Marketing agent for the property Roger Klem – from JLL in Adelaide – described the site as a large mixed use property.
“Significant areas of vacancy provide astute purchasers with the opportunity to occupy, develop, lease or value add all subject to normal statutory consents,” Mr Klem said in marketing material.
Expressions of interest close Wednesday, March 21, at 4pm.
It is understood a number of memorandum of sale documents have already been given out to prospective buyers.
According to the sale history of the site, the Oatmill Complex sold for $1.8m in 2007.
The Commercial Flour Mills was established at the site in 1867.
Operations ceased in 1975 and parts of it have been used for cinema, retail and restaurant purposes since 1984.
