Archies fails to sell
assed in at $1.85 million: auctioneer on behalf of Stockdale and Leggo in Wonthaggi, Edward Hill, does his best to get a bid from potential buyers at Archies on the Creek last Friday to no avail.
THE iconic Archies on the Creek restaurant and function centre failed to sell at auction last Friday and was passed in at $1.85 million.
The bidding for the former business, which sits on six titles and 3.36 acres, began at $1.7 million, attracted no bids from potential buyers.
Around 70 people attended the auction held at midday on-site by Stockdale and Leggo in Wonthaggi.
The animated auctioneer on the day, Edward Hill, began the sale by informing guests about a review of Archies in the 2011 Australian Good Food Guide, which described the venue as “refinement, elegance and class”.
“This is something really significant; an icon that is not only recognised by people in this district, but in the Melbourne metropolitan area,” Mr Hill said, adding “imagination” was the only limit for future owners.
“This is all about opportunity, all about potential and all about future development.”
Mr Hill said the auction was a “day all about rebirth” for Archies.
“This is a rare opportunity. Just be conscious about what it is and what it can be,” he said.
“Someone with imagination can put Archies on the Creek back on the map.”
Stockdale and Leggo principal Pat Barry said the property was still yet to sell.
“We are talking to people, but we have not received any offers or progressed any further,” he said.
“We have had interest, including over the weekend after the auction, but we’re not at the point of negotiating a sale.
“We were disappointed that there was no bidding at the auction, but we’re more heartened that there have been enquiries afterwards.”
Archies on the Creek closed in May this year.
Short URL: http://thestar.com.au/?p=5236
Posted by Simone Short
on Oct 16 2012. Filed under Business, Featured.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry