Settlement is expected in a matter of weeks on the Bega Valley Regional Learning Centre (BVRLC) in Merimbula.
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It has been purchased from Bega Valley Shire Council by local developer Raymond Bell.
The BVRLC is located just behind the Lakeview Hotel.
In June 2023 Bega Valley Shire councillors unanimously agreed to move ahead with the sale of the BVRLC. It followed a closed session discussion about the formal offer to purchase the property.
Part of the motion agreed was that the remaining proceeds of sale be placed in an internally restricted property development and reinvestment reserve.
The BVRLC was purchased in 2015 with a loan of $1.45million over 10 years.
Bega Valley Shire Library advised the community library returns bin located outside the BVRLC have been removed.
"This returns bin gets very little use as most customers borrow and return their library resources to our physical libraries at Tura Marrang or Eden," council said.
"We ask those few customers that have used the Learning Centre bin in the past to instead visit the Tura Marrang or Eden library."