Kiama Council has received a welcome early Christmas present with the settlement of the $28 million sale of its Akuna St landholding to Sydney property developer, Level 33.

The winning tenderer was announced at the end of June, but it is only now that the sale price has been revealed.

“I’m very pleased to announce the sale of our Akuna Street landholdings to Level 33 Property Developers,” says Mayor Neil Reilly.

“Akuna Street has proven to be an excellent investment by Kiama Council. We purchased the property in separate lots many years ago and have taken the time and care to get the sale right.

“I’d like to thank my fellow councillors for their patience and diligence throughout the process.”

While the money will provide relief to the cash strapped Council, Cllr Reilly warns more needs to be done to restore Council’s finances, in line with the recently imposed Performance Improvement Order by the Minister for Local Government.

“While the sale of Akuna Street does provide some relief for our cashflow in the short term, there are still important, longer-term financial sustainability issues that we need to focus on.

“My fellow councillors and I will contemplate how best to invest the money from this sale in our February meeting.”

The almost 7000sqm site incorporates the Akuna St carpark, the old Independent building and the old Mitre 10 building.

What is built on the site will now be governed by the new Town Centre DCP, which has a separate site specific requirements for the parcel of land.

These envisage the site incorporating a town square, with a 6 storey height limit on about 20 per cent of the available built area, a 5 storey height limit on about a third of the area, and the rest limited to 4 storeys. Like other buildings on Terralong St, the old Mitre 10 site will stay at 3 storeys, with a set back for the top level.

“It’s an iconic location in the heart of Kiama, the development of which we welcome,” says Cllr Reilly.

“I know Level 33 Property has some great plans for the site, which we all look forward to seeing in more detail in the new year.”