City sale signifies a bright future for CBD
THE sale of one of the Coffs Harbour CBD's landmark commercial properties, and the new owners' plans for development, shows a huge vote of confidence in the future prosperity of the city centre.
The Boulevard Arcade at 23-29 Harbour Dr has been sold for $4.155 by Troy Mitchell from LJ Hooker Commercial.
Mr Mitchell said the sale signifies high confidence in the CBD's future.
"The new owners are looking at the possibility of developing the property in five years time, possibly longer, when they'd be looking to build a high-rise residential building," he said.
"At this stage they are not sure if it will be hotel accommodation or potentially over 55s accommodation. It would also include a large number of car parking spaces for on-site occupants as well as visitors to the town centre."
The arcade in its current form includes 18 tenancies and frontage to Harbour Drive and Vernon Street.
Mr Mitchell believes the timing of the future development will be right to capitalise on a new look CBD post-Pacific Highway by-pass.
"Together with redevelopment of the Boulevard, Gowings' proposed development hotel and a gentrified CBD with expected improvements to the Pacific Highway through town, we could be seeing a highly attractive CBD reflecting a city where people want to live because of the vibrant nature of the centre."
Mr Mitchell said he's already seeing a surge in confidence in the city's retail landscape following the recent works and improvements to Harbour Drive with his agency securing three new tenants for CBD shop-fronts in the past fortnight.