Today was supposed to be the day that Kiama Council received a much needed injection of cash through the sale of its Akuna St holdings to property developers Level 33.

A statement released by Council explains that it is not happening as scheduled, and that Council has "reluctantly agreed to" an extension until 15 December.

This is in spite of the November Meeting of Council, in confidential session, rejecting such a request.

The winning tenderer was announced in June, with the exchange not happening until October. A settlement period of 42 days was offered in the tender.

The value of the sale will only be made public on settlement.