This article is from the Australian Property Journal archive
GOSFORD City Council has followed in the footsteps of its CBD counterpart by purchasing the Gosford City Town Centre for bargain basement price of $11 million.
The purchase is part of the council’s plans to revitalise the city centre and it plans to turn the former Gosford Marketplace into a 600-space car park.
Gosford is located 76 km north of the Sydney CBD, where the local council recently completed the purchase of 343 George Street for $78 million as part of its ongoing commitment to building and maintaining sustainable annual revenue.
The price paid is a bargain for the once thriving shopping centre. It was purchased by Investec Bank and Peak Property Holdings in 2006 for $55 million.
Mayor and Councillor Chris Holstein said the need for additional car parking was identified by the community in response to the release of the draft Masterplan.
“This investment makes sound economic sense, as through the utilisation of existing car spaces and a $7 million contribution from the Federal Government, we can provide the residents of Gosford with the car parking they have asked for with no rate increases or increased financial pressure on our community,” Clr Holstein said.
Gosford City Council’s director City Centre Development Colleen Worthy-Jennings said the Gosford Business Improvement District was working with retailers in the Gosford Town Centre to find alternative locations in the City.
“The future face of retail in Gosford City Centre will change to accommodate emerging services and trends. As the City grows and develops, different retail opportunities will arise,” she concluded.
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