The former Tamworth saleyards site will become a 14-lot industrial land development with Tamworth Regional Council today announcing its sale to local developer Majeti Pty Ltd.
Tamworth Regional Council General Manager Paul Bennett said it's great news the site will have a new life.
"The proposed new development will be a great complement to the adjacent Glen Artney Enterprise Area and Tamworth Rail Freight Intermodal Terminal which are major projects on Council's economic development agenda," he said.
Mr Bennett sale price would not be made public but a "fair market price" was secured in a "very good financial outcome" following an expression of interest process.
He said the terms of the sale includes the developer being responsible for removing remaining infrastructure as well as remediation of the site and for Council to complete some drainage works.
The site at the corner of Goddards Lane and Phoenix Street ceased operating as a saleyards in June 2013 when the privately owned and operated Tamworth Regional Livestock Exchange started operating.
The income from the sale will go towards funding Council's $2 million contribution to the $17.2 million first stage of the Northern Inland Centre of Sporting Excellence which will be completed before the end of this year.
Majeti Pty Ltd is expected to soon lodge a development application for the subdivision of the site to include lots ranging in size from 3462 square metres to 24361 square metres and a new access road.
Burke and Smyth Real Estate Principal, Gavin Knee, said the proposed development will help meet the strong demand for local industrial sites.
"There is strong local demand and also inquiries from out of town businesses looking to establish themselves in the region," he said. "We are already dealing with a number of inquiries about the site to take space and pre-sales will begin in the coming weeks as the subdivision plan has just been finalised and is about to be lodged with Council."
Preliminary works to clean up the site are underway with Council expecting to start construction of the stormwater drainage system before the end of July.
It is expected the newly developed sites will be ready to build on early next year.
