Ballina site fails to sell
A PRIME development site in River Street at Ballina failed to sell at auction last week, despite the owners dropping the price by more than $400,000.
The 1498sqm site at 276 River Street would be suitable for professional suites and residential units, according to Mark Humphries from North Estate Agents.
The registered owner of the land is ZZZ FM Pty Ltd.
“At auction, it was passed in at the vendor’s bid of $800,000,” Mr Humphries said.
“I would love to be able to say that it sold. It’s been on the market for about five months now.
“It was originally listed for $1.2 million, then it was reduced to $950,000 before the auction. So it’s quite negotiable.”
A town planning report commissioned by North Estate Agents found the land would be suitable for a ‘two storey, medium density residential development, shops, commercial premises or a mix of these uses, with consent’.
Ballina Shire Council’s regulatory services group manager, Rod Willis, said records showed a duplex was approved for the site in 2005.
But Mr Humphries said the current economic climate meant it was difficult to sell development sites.
“I’ve got a few development sites for sale, and it seems that the numbers just aren’t stacking up at the moment,” he said.
The $70 million Gateway development site, also in River Street, was scrapped in April this year.
It would have included an 84-room hotel and 85 residential apartments, and had gained approval from the NSW Planning Minister.
But the company, Samtay Pty Ltd, went into administration in July. Hall Chadwick was appointed as administrator and the site was put up for sale. It is still on the market.
Samtay’s commercial manager, Luke Davis, told The Northern Star they ‘couldn’t make it (the development) work’.