Kiama Council Mayor Neil Reilly has announced the settlement of the sale of our Akuna Street landholdings to Level 33 Property Developers today.
The property sold for $28 million after a competitive and open tender process to select the buyer.
“I’m very pleased to announce the sale of our Akuna Street landholdings to Level 33 Property Developers,” said Cr Reilly.
“Akuna Street has proven to be an excellent investment by Kiama Council. We purchased the property in separate lots many years ago and have taken the time and care to get the sale right. I’d like to thank my fellow Councillors for their patience and diligence throughout the process.”
Cr Reilly confirmed the sale is the single biggest commercial transaction in the history of Kiama Council and said it will provide a much-needed injection to our finances.
“It’s a breath of fresh air to have this happen right before Christmas 2022.”
However, Cr Reilly continued, “While the sale of Akuna Street does provide some relief for our cashflow in the short term, there are still important, longer-term financial sustainability issues that we need to focus on.”
“My fellow Councillors and I will contemplate how best to invest the money from this sale in our February meeting.”
In terms of plans for the site, it is now up to Level 33 Property, said the Mayor.
Once plans are completed, Level 33 Property Developers will need to go through the usual development application processes.
“It’s an iconic location in the heart of Kiama, the development of which we welcome. I know Level 33 Property has some great plans for the site, which we all look forward to seeing in more detail in the new year,” Mayor Reilly said.
