One of the Nowra CBD's most iconic and best-known buildings is set for a facelift.
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The former Spotlight building, which over the years has been the home to numerous businesses including Woodhills, Mates, Emmotts, JB Youngs or Grace Brothers during its 130-year history, has been sold to two South Coast and Illawarra businessmen.
And although a price hasn't been disclosed it is understood the property was on the market for $2.5 million.
The South Coast Register has been told the new owners have a long affiliation with property in the Shoalhaven and Illawarra.
And for all those out there who were concerned about the possible demolition or drastic changes to the historic building, word is the new owners are looking to renovate, with the possibility of expansion.
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There has been lots of debate over the possible future of the building which was offered for sale by Nowra's Integrity Real Estate and MMJ (Martin Morris and Jones) in Wollongong in July.
Questions over the building's future have been the centre of passionate debate for several years with the property being on and off the market.
A number of proposals including leasing or redevelopment have been previously put to the former owners, Queensland family business Fatseas Investments Pty Ltd, who have large commercial land holdings in NSW.
Integrity director Peter Russell said there was considerable interest in the 4100 square metre property on Berry Street, in the heart of Nowra.
"The site attracted interest from the Illawarra and Sydney," Mr Russell said.
"My understanding is the new owners have intentions to revamp the building to make it fantastic and offer the CBD a new shopping and office experience.
"They are also very sensitive to the heritage significance of the property and looking at maintaining the strong traditions of the building known as the People's Emporium, Woodhills, Grace Brothers or Spotlight.
"At this stage I don't think there will be any increase in height to what is already there."
But the building could lend itself to a number of options, including renovations and a possible a major expansion to the rear section which also fronts Emporium Lane and Stewart Place.
It is understood the new owners are talking to a series of national and local based tenants, attempting to gauge what they might need for future expansions of their businesses and how adaptions to the building could be in line with those expansion plans.
One of the largest available holdings in the Nowra CBD, the building's footprint alone is more than 2700 square metres.
When first listed prices ranged from $3 to $4 million but the price recently dropped to $2.5 million.
The two-storey Victorian building was built in Berry Street, Nowra by well-known local builder John Schadel in 1888 for John McArthur a pioneer in the commercial life of Shoalhaven.
Richmond House or The People's Emporium as it was originally known has a long and proud history in the Nowra CBD.
By 1893 the store had been taken over by Woodhill Ltd and traded as "Shoalhaven Universal Providers" at Richmond House.
It was bought out by Burns Philp and Co Ltd in 1948 but continued to operate as Woodhills; traded as Mates from 1973 to 1976; as Emmotts in 1976, and in 1983 was operating as Young's.
It was operated by the Coles-Myer group as Grace Brothers Department Store from February 1986 until June 2003 before the building was refitted and reopened by Spotlight in 2003 and operated until 2015.
The building has been vacant since then but earlier this year was the campaign office for Nationals' candidate Katrina Hodgkinson at the federal election.