The Glenbrook Drive land that was locked up since 1991. Photo: First National Coast and Country.
Residential land in Kiama which was unable to go on the market for more than three decades due to a ban by the State Government, has failed to sell at auction, with Kiama Council now adjusting prices and negotiating with potential buyers.
Reserve prices are being reviewed on five fully-serviced lots at Glenbrook Drive after bids failed to meet the minimum price at an auction held in late October, despite strong interest and competitive bidding.
“The reserve price for each block was determined using pricing guidance from both the appointed real estate agents and an independent valuer,” Kiama Mayor Cameron McDonald said.
“However, the best way to determine value is to go to market, and now we have done this, and adjusted our prices accordingly.”
The land has sat idle since 1991 after the NSW Government banned any building activity due to the proximity of Bombo Quarry, but after years of advocacy by council, the covenant was lifted in August.
The sale of these lots is expected to be a crucial step in addressing the local housing needs and council’s long-term financial sustainability.
The millions in funds expected to be received from the sales was even pitched as a potential lifeline for the New Year’s Eve fireworks during a debate in August, which were ultimately scrapped due to financial constraints and a lack of sponsorship.
Despite the parcels failing to be sold under the hammer, the council is committed to achieving a successful outcome.
Councillors debated a confidential report in a recent extraordinary meeting and adopted revised sale prices to be negotiated by the council’s CEO.
“Our CEO Jane Stroud, in conjunction with our estate agent, will now negotiate with highest bidders and other interested parties,” Cr McDonald said.
“We’re confident in the appeal of this land and we’re working to achieve the best possible result for council and our community.”
More information on the lots is available through the First National Coast & Country website, with interested parties encouraged to contact the real estate agent.
