Prime Land Fails To Meet $2.5m Reserve
Illawarra Mercury
Tuesday October 20, 1998
One of Wollongong's most significant development sites - opposite the new entertainment centre - has been passed in at auction after bidding failed to reach the $2.5million reserve price.
The site, which covers 2660sqm and includes Southern Crepes restaurant and four adjoining properties, is regarded as prime position. It is opposite Steelers Stadium and only a short distance from beaches.
Real estate agent Jeff Jones from Martin, Morris and Jones said negotiations were continuing with four or five parties after bidding reached $1.9million at the weekend auction.
He said the site, which included properties in Harbour St and at the corner of Crown St and Harbour St, was zoned tourism.
``It is one of the most significant development sites in the city," Mr Jones said yesterday.
He said the site was suitable for construction of a hotel or high-rise development.
Meantime, Landcom reported yesterday there had been strong demand for homesites at its Orchid Glen estate at Horsley.
Landcom development director Matthew White said 50 out of 68 recently released sites had been sold.
He said the remaining sites were only a few minutes from Dapto Railway Station and the start of the electric train service to Sydney.
Orchid Glen prices range from $67,000 for a 489sqm lot to $85,000 for a 717sqm lot.
© 1998 Illawarra Mercury