Council negotiates to acquire prime CBD land

In a confidential session last night, council gave the go-ahead to negotiate the purchase of a small parcel of freehold land and a larger parcel of leasehold land which form part of the significant vacant land corridor along the eastern-side of Young Street, between Wilson and Dean St.

Mayor Kevin Mack says the proposed acquisition of the part of the land by Council would only be for a short term, with the intention to release it to market on a freehold basis for private sector development, along with the remainder of government-owned land in the corridor.

“This is one of the most significant corridors of vacant land in the CBD and we’ve been keen for some time to facilitate its release to open-up opportunities for development, creating jobs and stimulating the local economy,” he said

“At present it’s an eyesore but there is huge potential to create a positive impact and first impression of Albury by developing this land. We believe there’s huge opportunity for private sector investment once the entire parcel of land is transferred from leasehold to freehold, including residential and or serviced apartments, multi-level offices, hotel development, commercial premises, medical facilities and the list goes on.”

The majority of the land is controlled by the Australian Rail Track Corporation (ARTC) under a head lease arrangement with Transport for NSW (TfNSW) and has only been available to market on a lease basis. The inability to access land on a freehold basis has been an inhibitor to the development of the land for many years.

Cr Mack says while Council aims to recover its financial investment through the sale of the land in the future, this decision is about stimulating jobs and investment and improving the visual amenity of the city.

Further information will be provided if Council is successful in negotiating acquisition of the land.