The historic former home of Fletcher Jones in the Sydney Building has failed to sell during an on-site auction.
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While there had been considerable interest in the site, which featured the retail shop area and associated office space upstairs, no bids were placed during the auction.
The Sydney Building corner property housed Fletcher Jones for 50 years before the retail company went into administration in 2011.
The shop has remained vacant for about a year but has provided a performance space during the independent and experimental arts and culture You Are Here Festival.
A public auction was held on-site on Tuesday morning and about 40 people gathered to watch whether the property would change hands.
But no buyer bids were placed with auctioneer Robert Westropp-Evans.
The site at 91-99 London Circuit passed in with the vendor's bid of $1.8 million.
CBRE negotiator Patrick Sammon said the sale would proceed through negotiation.
He said there had been three registered bidders at the auction and a further four parties who had not been able to make the event.
“Hopefully we can negotiate with them,” Mr Sammon said.
The lease condition on the site allows for uses such as retail, a bank and a restaurant.
The Sydney and Melbourne buildings were the first privately built properties in Canberra.