It was once the first building on the main road into town, and became a symbol of European commerce's arrival to a small colonial town. It even has its own Wikipedia page.
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Situated next to Bega Valley Public School, the building was was originally built by Nicholas Bouquet in 1865 for the Commercial Banking Company of Sydney, as the town's first bank.
Cooma resident Aileen Reece was born and raised in the building after her father purchased the land in 1930, and said she is upset by its current dilapidated state, despite its heritage listing.
Her father ran a market garden at the rear of the building, supplying local cafes while also working for council, and her mother managed the Bega River camping area nearby.
"It was such a shock to see the condition it is in," Ms Reece said.
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"The upstairs balcony is broken, the balcony floor is falling apart, and the path to the front door is dangerous. It is a disgrace to see how it has been left to just deteriorate. My parents took great pride in looking after it all the years they lived there from the 1930s to the 1970s.
"As it is a heritage building I would've thought it would be looked after, and some maintenance done on the building."
Ms Reece said in 1970 her father was asked by the education department to sell the house, as more was needed at the school. The family moved across the road to her grandfather's house a year later,
Bega Valley Shire Council has managed the building, which sits on Crown Land, since 1987, and while it was used most recently by Bega Valley Community Transport Service, the structure has sat vacant for the last ten years. It was added to the state's heritage list in 1999.
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"The building has presented many challenges due to its age, heritage listing status and proximity to the school grounds," a 2015 council report states.
It is understood there has been a plan to sell the building, with the hope "any purchaser will have the funds required to restore the building and enable its occupation and use well into the future".
"Unfortunately due to the implications of the Crown Lands Management Act 2016 as well as the Aboriginal Land claim lodged over the reserve in late 2016 and Native Title claim in early 2018 the advice from DPI Lands is no dealings with the property can be undertaken until the claims have been determined," council said.
"Given the unknown timeframe for determination of the claims council officers are looking for funding opportunities to have a conservation management plan undertaken for the property to outline how council will manage the building into the future," they said.