The property currently houses Blue Denim, Cellarbrations, Supercheap Auto and Crazy Sam’s and received more than 50 inquiries prior to the auction.

The buildings were purchased by a Sydneysider investor after they beat out the competition.

The 222-224 Conadilly Street asset provides the new buyer with a net income of $361,326 per annum plus GST and annual rent increases of up to 3 per cent.

Selling agent from Burgess Rawson, Kieran Bourke, said the property’s prime location and attractive tenancy arrangements were undoubtedly contributing factors that drove high investor demand and a premium result at auction.

“This property certainly attracted strong bidding competition at auction from quite a varied buyer mix, driving a final sale price that the vendor was very happy with,” he said.

“This high-profile freehold investment is centrally located in a busy CBD position with 150 metres of street frontage over the two buildings, which may allow future upside through possible strata subdivision – just another benefit the new buyer may enjoy.

“There has undoubtedly been a surge in key regional assets amongst investors, so with this property’s strong regional location in Gunnedah, which is supported by significant agriculture and both coal and gas reserves, just one hour west of Tamworth, its competitive sale at auction came as no surprise.”

The building was originally the Curlewis Farmers Co-operative and housed departments for men’s clothing, women’s clothing, gifts, furniture, shoes, groceries, liquor and hardware.

The co-op was established during the Great Depression of the 1930s, according to The Way We Were. It began with Agricultural Bureau organiser for NSW, Clive Crane, who started advocating for the formation of co-operative societies in rural areas to combat low prices for primary products.

The co-op was sold in 2011 after 75 years.