SHELLHARBOUR City Council is selling three pockets of land in a retail hot spot next to Stockland Shellharbour.
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The properties for sale include the council's administration building (Lamerton House), adjoining vacant land, and a further 3.396 hectares of land on Benson Basin.
Each of the properties will be sold separately through public auction on Tuesday, August 18 at 50 Margaret Street, Sydney, from 10.30am.
Proceeds from the Lamerton House and adjoining land will fund the $59 million Shellharbour City Hub proposal and a final decision on the project will be made at a meeting with the Southern Joint Regional Planning Panel (JRPP) on Thursday, August 28.
CBRE national director metropolitan investments Tim Grosmann said the property sales were the final stage of the asset divestment process.
"These council properties offer one of the most strategic city centre, mixed-use development and investment opportunities in the Illawarra region," Mr Grosmann said.
The administration building comprises 3880 square metres of floor space, has a licence for the use of 86 car spaces, is zoned B3 commercial core, and has a 4-Star NABERS energy rating.
The building is being offered with a three-year lease to Shellharbour council and will be sold together with the adjoining land, being an 1801-square-metre site also zoned B3 commercial core.
CBRE has also been appointed by the council to sell the 3.396 hectares of land in Benson Avenue. The land is zoned 2E mixed residential and can be used for residential and retail.
Stockland Shellharbour underwent a $330 million expansion which was completed in 2013.
The shopping centre was Stockland's largest retail asset, as of December 2014, with a reported book value of about $680 million. An agreement was made while Shellharbour council was under administration that Stockland has "second right of refusal" on the Lamerton House package.
MMJ Real Estate Wollongong commercial sales director Tim Jones said the completion of the Shell Cove boat harbour and marina in 2018-19, the proposed expansion of Port Kembla, and Shellharbour Hospital redevelopment, added to the strength of the local economy.
"This is a great option for developers and investors who are seeking quality assets and development opportunities in major growth regions," he said.
Mr Grosmann said CBRE and MMJ had received strong interest in the properties with parties recognising the value of the opportunities.
