Offer rejected for prime Jetty property

STILL FOR SALE: An offer of $2.25 million has been rejected for the Forestry Corporation’s Coffs Harbour headquarters.
STILL FOR SALE: An offer of $2.25 million has been rejected for the Forestry Corporation’s Coffs Harbour headquarters. Trevor Veale

The jewel in Coffs Harbour's real estate crown is still for sale, after the Forestry Corporation on Friday formally rejected an offer to buy its local Harbour Dr headquarters and is now preparing to fight a proposed heritage listing of the office building.

An offer to purchase the site for $2.25 million (plus GST) was put to the Corporation, which was separate to the tender process which saw four tenders lodged for the site.

The group behind the rejected offer had planned to build a high rise apartment building.

LJ Hooker Commercial Director and marketing agent Troy Mitchell said an application to list the Forestry Corporation building, located on one of the six titles of the land holding on offer, is a sticking point for buyers and the vendor.

"It has certainly put a negative impact upon the property's value," Mr Mitchell said.

"The site is a key gateway site and the Forestry Corporation is of the opinion that the proposed heritage listing adversely impacts upon the development potential of the site. When weighing up what the site could achieve the Forestry Corporation has decided to protest against the (heritage) listing and will seek to have the it removed."

Mr Mitchell said all parties interested in developing the site had plans to building high-rise apartments.

"Unfortunately there were no hotel or tourist accommodation properties expressing interest. We haven't had a new hotel built for about 30 years so it would have been an excellent opportunity for someone in that industry to come forward."

The three-street-frontage site of 3181sq m has a mixed use zoning and a height limit for any building works of 19 metres, which translates to approximately six storeys. The site also has a maximum floorspace ratio of 3:1, which allows a building of up to 9543sq m to be developed.

Mr Mitchell has been in contact with the 36 parties who showed interest in the site, which is now being marketed for sale with a price of $2.7 million (plus GST) with the option of making the sale conditional upon the proposed heritage listing being removed.

Topics:  coffs harbour forestry corporation harbour drive real estate

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