THE sprawling historic Oatmill Complex in Mount Gambier has been sold to an undisclosed purchaser, which has been described as a major investment transaction in the city.
It is understood the sale documents have been signed and the property is now under contract.
While the price-tag has not been released, the sprawling inner city property was listed for sale for $2.1m by realtors.
The prominent building – originally a flour and oatmeal mill – has been on the market since March.
With around half of the complex vacant, it is hoped a new owner will breathe new life into the heritage listed precinct.
Receiver Robert Ferguson – who is handling the sale after the property was placed into administration earlier this year – said the sale was a positive outcome.
“The property is under contract and settlement is in mid December,” Mr Ferguson told The Border Watch.
“This is positive. It is a good property transaction in Mount Gambier of this magnitude.”
The receiver declined to release the name of the buyer or whether they were a regional, interstate or international purchaser due to commercial confidentiality.
But he said the pending sale was welcome news for the cluster of tenants in the complex, arguing it gave them certainty moving forward.
“It is good news the property has a new owner and it is good news for the tenants,” Mr Ferguson said.
“It is a large and unique property with a real history. It is a very good location and we are pleased with the outcome.”
Mr Ferguson revealed there was significant interest in the property during the sale process given its potential, rich history and expansive inner-city footprint.
“We had a lot of local and other interest, but at the end of the day it can only go to one buyer,” he said.
The sale comes just two months after a delegation of Asian investors toured the Oatmill Complex, which was part of a two day tour of the region.
The complex currently houses the Oatmill Cinema, Caffe Belgiorno and MJ Dance Studio.
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.
Massive timber beams used to build the unique buildings were shipped to Port MacDonnell and were dragged to Mount Gambier by bullocks.
Operations ceased in 1975 and parts of it have been used for cinema, retail and restaurant purposes since 1984.
