Eight Council properties sell for over $7M

1a Lucca Rd, Wyong

Almost $7.8M has gone into Central Coast Council coffers from the sale of eight properties in the northern suburbs, to help with its financial recovery.

Council made a list of under-performing or surplus assets to be sold following its announcement in October 2020 that it faced immediate and serious liquidity issues.

The properties were sold either at auction or by private treaty for not less than market valuations.

Of the eight latest sales, five sold at their valuation price while the others collectively brought in $2.58M over the valuation price.

44 Springall Ave, Wyongah

By far the largest windfall came from the sale of 1a Lucca Rd, Wyong, a 14,700sqm industrial development site, which sold for $4.85M which was $2.35M over its valuation price.

The property at 44 Springall Ave, Wyongah sold for $420,000 after being valued at $325,000 and 165 Main Rd, Toukley sold for $660,000, well above its valuation of $530,000.

Properties that sold at valuation price are 18 Dunvegan St, Mannering Park ($240,000); 6 Wyndora Ave, San Remo ($280,000); 9 Thompson St, Long Jetty ($475,000); 11-23 Wyong Rd, Tuggerah ($130,000); and 3 Bounty Cl, Tuggerah ($652,000).

The Bounty Cl sale related to an agreement by the former Wyong Shire Council and the lessee of the property exercised their option to purchase the land (see related story on page one).

There are three tranches of Council-owned land for sale – these properties are the ones that have sold so far.

The detailed current market valuations prepared by various independent property valuers and consultants are available online as part of Council’s November 22 meeting agenda.

Sue Murray