September 25, 2008
NEW BEDFORD - The former Gosnold Mill building on Orchard Street in the South End is scheduled to be offered at an 11 a.m. auction on Oct. 8 to the highest bidder over $500,000.
The 111,200-square-foot four-story building on 1.2 acres of land at 665-667 Orchard St. just off Cove Street is being sold by its owner, Stor-U-Self of New Bedford Limited Partnership.
Justin J. Manning, president of JJ Manning Auctioneers, said the owner is selling the property at auction because it no longer fits in with its storage business. He said the owner, based in Burlington, is focused more on higher-end storage facilities for which the mill building is not appropriate.
Mr. Manning said a plan to conduct the auction earlier was delayed by the need to have enough time to properly market it. Advertisements will be placed in local and regional newspapers.
Building inspection for prospective buyers is scheduled from 11 a.m. to 1 p.m. Wednesday.
According to the city's mill inventory document, the building was constructed about 1880. It has a building and land value of $1.28 million. According to the city's inventory, the mill is rated (on a five-point scale with five being the highest) at a five for economic value, three for condition and two for historical value.
Although the building is located inside the hurricane barrier, it is possible to see Clarks Cove and Buzzards Bay from its upper floors.
A $25,000 certified check is required to bid. A buyer's premium of 10 percent will be added to the sale price. The building is being sold "as is."