De­vel­op­ment site

Gov­ern­ment build­ing on Jetty strip sells for $3.2 mil­lion

The Coffs Coast Advocate - - NEWS - MATT DEANS edi­[email protected]­s­coas­tad­vo­

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.

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