Telstra site sold for a profit

BYRON Shire Council has sold the former Telstra site in Mullumbimby for $10,000 more than it paid in 2008.

The Station Street property was was originally purchased by Council in 2008 for $507,000 and has been sold for $517,000.

Mayor Simon Richardson said the council was pleased with the result.

The unused land was identified for sale as part of Council's Financial Sustainability Project Plan looking at which assets that could be better utilised through development, or sold to help reduce borrowings and retire debt.

"Due to the need to remediate the former Telstra site and funding costs, the property was listed for sale," Cr Richardson said.

It is unknown what the new owner proposes, but the land currently is zoned to allow for a wide range of uses including retail and commercial premises, hostels, boarding houses, light industries, medical centres, multi dwelling housing, residential flat buildings and shop top housing.

Topics:  byron shire council telstra

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