THE selling price for the freehold of the closed Millicent and District Community Club has been set this week at $450,000 (plus GST).
Selling agent David Herbert said it would cost between $2m and $3m to currently build a comparable facility.
Although there was interest from two parties, the expression of interest process recently undertaken by his firm had not achieved a sale.
Commercial properties of this size seldom change hands in Millicent.
However, the median house price in Millicent is currently $170,000 going on the 18 properties which changed hands in the December quarter.
The Community Club ceased trading over six months ago and Adelaide insolvency specialist David Kidman was appointed as its administrator.
He last visited Millicent earlier this month and had private on-site talks with Mr Herbert and other staff of Herbert Commercial.
The major creditor of the Community Club is Wattle Range Council and it is currently owed well in excess of $200,000.
Issues relating to the Community Club have been debated in most council meetings in recent months.
However, there was no mention of the Community Club at its most recent meeting in Millicent on Tuesday.
The South Eastern Times has contacted council for comment about the announced price for the property.
