Government building on Jetty strip sells for $3.2 million
A KEY State Governmentowned land holding on the Coffs Harbour Jetty strip has sold.
Contracts have exchanged on the former Public Works, Fair Trading and Safework NSW building at 359 Harbour Dr.
Selling agent Troy Mitchell of L.J Hooker Commercial said the transaction was exchanged on Wednesday with an agreed sale price of $3,225,000.
“The (unnamed) purchaser intends to hold the property as an investment pending possible future redevelopment,” Mr Mitchell said.
The property was listed under a “sale by tender” process with a leaseback to Property NSW for three years, with an option for three more years, with annual reviews.
What sparked investor interest is the site zoned B4 – under the provision of the Coffs Harbour Local Environment Plan 2013 – allows for mixeduse development after expiry of the secure lease term.
The property is situated between holdings by two of Coffs Harbour's key commercial property developers, retail rivals Gowings Bros, which purchased the former NSW Forestry building for $3 million in 2016 and the Bachrach Naumburger Group, owners of Park Beach Plaza and Park Beach HomeBase, which acquired the Jetty Shopping Village for $10 million in April.