A prime piece of Nelson Bay real estate that has been owned by one family for more than 20 years is set to go under the hammer.
The Port Stephens Council parking lot on the corner of Yacaaba and Donald streets is part of a deceased estate auction, which will be held in Newcastle next month.
Steven Dick, a director of Raine and Horne Commercial Newcastle who is handling the estate auction, said the land currently being rented by the council for parking presented a prospective buyer a unique and attractive opportunity.
“The fact that the council are renting the site means that a lot of the holding costs will be met whilst the buyer investigates and obtains their own approvals,” he said.
“Plus there will be no GST on the sale.”
Four residential lots at 35, 37 and 39 Donald Street and 1 Yacaaba Street were bought by the family in the 1990’s and consolidated.
The land size is 2019 square metres.
In 2002 the family gained development approval from the council to build a five-storey mixed commercial and residential complex with basement parking.
The design allowed for 20 three-bedroom apartments with four commercial suites, a gym and a pool.
Included in the DA, which has since lapsed, was approval to demolish the four houses that were on the land.
While the houses were demolished, the family pulled out of the development before the global financial crisis hit.
“The previous design and layout of the units can be markedly improved as they were too large for the current market,” Jason Maxwell, also a director of Raine and Horne Newcastle, said about the previous DA design.
The site was converted to a car park by the council, who rent the site, in 2014.
Mr Dick said the council has just extended their lease through to November 2018 with a one year option afterwards.
He said this was an advantage to buyers, as they would save on GST and stamp duty.
Mr Dick said the land presented buyers the opportunity to built a multi-storey complex in the heart of Nelson Bay on a site classified by the council’s Development Control Plan as a “significant vista site”.
It is being sold by auction due to the owner dying.
The deceased estate auction will be held at the Fort Scratchley auction venue in Newcastle from 10.30am on September 14.