Deniliquin’s iconic Federal Hotel building has been sold once again.
Elders Residential Real Estate confirmed the sale of the former hotel, located on the corner of Cressy and Napier Sts, to an undisclosed Melbourne-based investor.
Elders director Hamish Thomson said the buyer has existing commercial property success in Deniliquin.
"It's such exciting news to have it sold and it couldn't have come at a better time, aligning with the Napier St upgrades" he said.
"There's been a contentious issue that nothing has happened with the building yet despite previous plans being announced.
"The current landlord wants to fix the premises up and bring the building back to life.
"He has a strong track record of buying properties and bringing them up to a high standard for commercial use.
"He, Elders and the Edward River Council have show an equal level of interest and passion in having this historic building to once again be presentable and ready for use."
The news is quite welcomed after the fate of the ‘Feddy’, as it’s affectionately known, had been looking dire since it was vacated in 2009.
Hopes of the hotel being restored and once again open for business were high when it was purchased by Thessaloniki Holdings in 2010, however there was little done to the building.
The building saw a new undisclosed owner from the Middle East purchase the Feddy in 2015, but nothing had been done once again.
With Elders wanting to see some movement on the refurbishment of the former hotel, they began to seek a new owner.
"We've been working for about 24 months to find a suitable buyer behind the scenes," Mr Thomson said.
"The previous owner did have plans that weren't enacted due to the project being an expensive and drawn out process, so we wanted more movement on it.
"It was only recently that we located and influenced a buyer into owning it.
"The new owner has an appetite to develop the building as soon as possible and aims to transform it into a commercial venture.
"It could become anything from offices, to a wine bar, accommodation or a function room.
"Finding a new owner and getting the building back up and running has been a love project for us.
"We have not been commercially benefited by this, we just had the ultimate goal of helping our town's CBD."
The first step of the refurbishment is to clean the building and bring it to a working standard.
It is predicted that the project will take six to 12 months before the building is in operation.