Council sells strategic CBD holding

Kiama Council has sold its Akuna St and Mitre 10 holdings to Wollongong developer Nicolas Daoud and Co Pty Ltd for $8.5 million, bringing the prospect of a second supermarket for Kiama a step closer.

As part of the sale agreement the developer must submit development plans within six months and receive approval within twelve months. In addition to meeting this timeframe, the development must include a 1500sqm space for a major supermarket operator, 100 parking spaces for shoppers and escalator or elevator access from Terralong St.

Sign will finally come down

Sign will finally come down

The developer is understood to be conducting its own negotiations with Aldi following the deal being signed.

The development, which will include speciality shops and apartments, will have an 11 metre (three storey) height limit and will be assessed by the Joint Regional Planning Panel.

“The agreement has incentives to get the project moving,” says Mayor Brian Petschler. “We wanted to avoid it sitting there and no work being done.”

If the transaction does not proceed on schedule, Council will retain the $350,000 option fee.

Council spent $6.6 million acquiring the old Weston’s site and Mitre 10. The incoming Council will continue to investigate a proposal to build a two storey carpark with 79 spaces on the eastern Akuna St carpark (shown), possibly with a residential element above. The funds will come from the $2 million remaining once the original purchase prices are repaid into reserves. This will mean that overall the number of car spaces available will be 179, up from the current 79.

With the transaction not to be completed until the DA is approved, Council intends to soon proceed with renting out Mitre 10 to a short-term tenant.

The Mayor is pleased the deal has been achieved in his final weeks in office.

“We have been working towards this outcome since the late 1990s. It has been a long time coming.

“It achieves a number of ends – another supermarket, a balancing of the town by keeping shops in the eastern end, providing linkage between Terralong and Akuna streets and creating jobs both in the short and long term.”

 

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