Kiama Council has approved the sale of its Akuna Street landholdings following an extensive expression of interest and selective tender process.
Councillors last night voted to award the tender for the sale to Level 33 Property Group P/L, with a settlement of 42 days from contract exchange.
The sale value will remain confidential until settlement to meet commercial in confidence provisions.
The EOI and selective tender process required prospective purchasers to nominate a purchase price and settlement terms.
Council commissioned its own valuation advice.
The sale by tender process was managed by commercial real estate agency Savills.
The EOI and selective tender process were conducted in accordance with s168 of the Local Government Regulations 2021.
Council also commissioned legal advisors to develop a Probity Plan which was strictly followed throughout the process.
Council also commissioned independent consultants to develop a Probity Plan which was strictly followed throughout the process.
Council’s Akuna Street landholdings were acquired over the last ten years specifically for investment purposes.
The landholdings include the Weston Print property, former publishers of the Kiama Independent, acquired in 2012, and the former Mitre 10 site acquired in 2014.
A further parcel of land, used as carpark, was already owned by Council.