Posted November 20, 2018 12:59:56 The real estate industry is in shock after it was revealed the city of Newcastle is selling off a 10,000-square-metre house for a cool $3.5 million.
Key points:The property is at the heart of the NSW Government’s $25 billion plan to develop inner west suburbsThe property was purchased by the government in 2016, but has since fallen into disrepairThe deal is for a property at the centre of the proposed NSW Government redevelopment planThe sale of the house, which sits on an abandoned property at Willamette Creek, was announced on Monday by Premier Gladys Berejiklian, with the Government also buying up properties in the area to secure the $25bn capital budget.
“This is a prime example of the power of the planning system to bring communities together, but also to create opportunities,” Ms Berejig said.
“I’m really proud of the Newcastle City Council and their plan to use the power that the planning process has given us to create real estate opportunities in our inner-west.”
The property sits at the junction of Willamet Creek and Lake Victoria Road, near the southern tip of the state.
It is owned by the NSW government, which owns the land where the house was built, and was acquired in 2016.
The Government has been working on a redevelopment plan for the area, and has announced plans to develop the area into a mixed-use neighbourhood.
Ms Berejich said the property was worth more than $1 million, but said it was a matter for the property owner to decide.
“The council and the property owners are working together to develop this property to ensure that it is developed and used for what it is supposed to be, for the benefit of the community,” she said.
Ms Berdell said the sale was not a surprise, but the council had been working with the council to try and find a buyer for the house.
“We had been in talks with them for a number of years, they were always willing to make a bid, but unfortunately the market had gone down,” she told ABC Newcastle.
“They have done a great job of securing a bid that will help make this a great asset for Newcastle in the future.”
Ms Berejeili’s office said it had no immediate comment.
Topics:real-estate,housing-industry,housing,united-statesFirst posted November 19, 2018 06:58:06More stories from New South Wales