GRIFFITH'S most ill-fated apartment block could change hands once again when it goes up for sale later this month.
The $6 million development at 470 Banna Avenue was originally commissioned by former Midstate Real Estate agent Danny Marando but was later taken on by Albury-based Banksia Securities.
The development is now in the hands of administrators after the Banksia Group went into receivership in October last year, leaving a massive $660 million debt in its wake.
In an effort to recoup losses, the serviced apartment complex and retail store in the top block of Banna Avenue will go to auction on March 27.
Griffith Real Estate director Brian Bertolin said the sale would take place in two parts.
The first auction will offer the downstairs shop number two, which has an imminent lease with a government tenant.
The second auction will offer the 15-apartment complex separately.
Mr Bertolin said the sale would be a historic event.
"I don't recall a building of this magnitude going up for sale before," Mr Bertolin said.
"This is a great opportunity for someone to take advantage of the investment."
When the development application was lodged for the site, it was approved on the basis of serviced apartments only, which offer a maximum stay of 14 days.
Different regulations apply to residential developments.
Mr Bertolin said this short-stay arrangement would provide better income opportunities for potential owners.
"We have had a lot of people inquiring about what is happening with the property there is a lot of interest," Mr Bertolin said.
"I'm confident we'll get a lot of people down on the day because it's a great opportunity."
The apartment block was completed in 2011 but the apartments have not been furnished.
The three-storey complex boasts 10 two-bedroom and five studio apartments with elevator access to all floors and 16 underground car spaces.
It took three years for Mr Marando to complete the project after excessive cost blow-outs, but not one apartment was sold.