A large State-owned development site at the gateway to Coffs Harbour’s marina precinct has sold unconditionally for $3 million - well above asking price - despite the local Council pursuing a heritage listing.
The home of the NSW Forestry Corporation for more than 70 years, the 3181sqm corner block in the city’s popular jetty and foreshore precinct houses a three-storey office building along with three smaller office facilities totalling a building footprint of 731sqm.
A private investor purchased the site, only 700 metres from the marina, and intends to develop an apartment complex with ground floor retail.
It holds a mixed use business zoning which is code assessable for six storeys in height and approximately 9,500sqm of floor space.
According to LJ Hooker Commercial Coffs Harbour Principal Troy Mitchell, the purchaser was confident of dismissing any heritage application for the site and was currently completing the development application for lodgement in 2017.
Mr Mitchell believes the site was under-utilised and a key ingredient in the activation of the Coffs Jetty Precinct.
“The intention is for the Jetty Precinct to be the crown in the city’s jewel, and in order to do that you need to redevelop such large urban sites as this,” he said.
“The site has a 1940s building which has been subjected to discriminate works by various contractors over its time, including being re-clad in aluminium.
“The heritage values are questionable. There is a series of artworks in the building which are the property of the Forestry Corporation and once those works are relocated, I think the lack of heritage character in the building will be evident.”
The purchaser and NSW Forestry Corporation have agreed to a 12-month leaseback as part of the negotiation at $75,000 per annum plus GST.