The long drawn out sale of Akuna Street continues, with exchange now not expected until after 14 October [Akuna St tender decision].

Having resolved the legal issues raised after the tender winner was announced on 28 June, Kiama Council has announced that it signed the contract to sell the property to the Level 33 Property Group last week.

However Council says Level 33 Property Group has advised they will be exchanging contracts after 14 October, with settlement of the sale 42 days from the date of signing as they stipulated in the tender.

Council is relying on the sale as a key element in easing its cashflow problems, and the short 42 day settlement was mentioned as one of the attractions when the sale was announced.

“With financial transactions of this magnitude it’s always best to be thorough, and it takes time to do that. It’s time well spent,” says Mayor Neil Reilly.

Details of the sale, including the sale price, will not be released until settlement but it is anticipated the sale price will be well above $20 million.

We have approached Level 33 for comment.