The iconic Goulburn Post building failed to sell at auction in Sydney on Friday, following a six-week marketing campaign.
The Auburn Street property was one of a number owned by Australian Community Media that went to auction on the same day.
Ray White Real Estate principal Justin Gay said parties were interested in the Goulburn Post building but not under auction conditions.
A local party was the only registered bidder but no bid was offered.
"Negotiations are going on with that person, who was local, and another local party," Mr Gay said.
The property is now on the market by private treaty.
Mr Gay said the building's position and potential, particularly to refit as a co-working space or owner-occupier use, were key selling points.
The 578 square metre building has a spacious interior, which once housed the printing press and darkrooms. It also has a 12-metre frontage and rear access to Deniehy Lane.
Also on Friday, The Mudgee Guardian building sold for $950,000 following an opening bid of $700,000.
Business associates Anthony Catalano and Alex Waislitz acquired 160 regional titles owned by Nine Entertainment this year. Mr Catalano suggested in July that they would likely sell ACM's property holdings valued at $60m and invest back into the media business.
Despite the building being on the market, the newspaper will continue its long-standing presence in Goulburn.
Editor Ainsleigh Sheridan said the newsroom and sales team were focused on their work in the community, and hoped to see the building taken up by an owner interested in its heritage.
"New premises will better fit the changes in our workforce and technologies, but we'll not forget where we came from, nor the value of our archival resources in that move," she said.
Meantime, Mr Gay told The Post that while the local commercial real estate market was a difficult one, he was receiving a steady flow of enquiry.
"A lot of these are for food-related premises and anything that has a grease trap," he said.
"It's coming from outside interests. We've seen an influx of Indians moving into the community so the desire for different cultural cuisines is increasing. They're keen to buy."
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