After a lengthy delay since the tender was awarded at the end of June – first by Council and then by the purchaser, Level 33 Property Developers – contracts have been exchanged on the sale of Akuna St, with settlement due in 42 days.

The sale was approved last October and was the first indication of the urgency of Council’s financial situation.

It is a key element in Council’s need to restore its cash reserves and balance sheet in the order of $30 to $40 million. The purchase price will be announced on settlement.

“We congratulate Level 33 on their success in securing this important property in the centre of Kiama,” said Council’s CEO Jane Stroud in a statement.

“It’s an exciting development opportunity that will help shape and re-imagine our town centre. We look forward to seeing what Level 33 envisage for the site.”

What will be built will be governed by the recently endorsed Town Centre DCP [Kiama Town Centre DCP approved].

The 4961 sqm site was consolidated by Council through the purchase of the Weston’s site on Shoalhaven Street in 2012 and the Mitre 10 site, between Terralong and Akuna Streets, in 2015, at a total cost of over $7 million.