Council has completed its purchase of the freehold land on the former Allied Mills site, which included the assignment of leases over adjoining parcels to AlburyCity. The leases are part of the ARTC-leased land corridor along Young Street.
The lease arrangements for this land have acted as a barrier to private investment in the past but its acquisition by Council means the land can be considered for release on a freehold basis. In due course, Council will seek to attract private sector investment in the site.
The process will take some time, but could generate between $60M and $150M in private sector capital investment, providing a major stimulus to the local economy and creating a significant number of new jobs.
AlburyCity Mayor Kevin Mack said the acquisition would enable Council to negotiate termination of the leases and partner with the ARTC and Transport for NSW to work towards the release of all land in the corridor between Wilson and Dean Streets.
“This is a fantastic partnership that could help us to deliver a vision of new services, jobs and industry along a corridor identified in the 2009 Albury CBD Master Plan as prime development land,” he said.
“It’s been disused for years and has become unsightly but we envisage this acquisition will not only provide new services and jobs to our city, but also lead to a significantly improved visual aspect along a major gateway to the CBD.”
AlburyCity General Manager Frank Zaknich said the acquisition would help to deliver a growing, sustainable economy for the city, as outlined in the community-driven vision for the future, Albury 2030.
“By facilitating the private sector take-up of this land, we hope to eventually encourage the whole of the corridor to be developed on a freehold basis, offering enormous benefits to investors looking to make the most of its premium location close to the CBD and Hume Freeway,” he said.