Expressions of Interest 170-174 Leura Mall, Leura

⁠⁠⁠Council has gone to market with an invitation to submit Expressions of Interest (EOI) for the purchase of part of 170-174 Leura Mall, Leura, part of Lot A DP 306845.

Why is the property for sale?

Council seeks an outcome that will conserve this heritage-listed building and minimises the financial risks and impacts associated with the necessary repairs to the building, in allocating significant public funds and ongoing investment of resources to preserve and maintain the building.

What restrictions will be placed on the developer?

The underlying objective of the EOI is to ensure protection and conservation of the building. The contract of sale is conditional on the purchaser’s commitment to undertake repair and conservation works for the building within an agreed period of time and prohibits the demolition of the building.

Can an overseas developer submit an EOI?

Yes, foreigners in general can buy property in Australia provided they have obtained approval from the Foreign Investment Review Board (FIRB) The EOI is open to all of the market so a developer from overseas with FIRB’s approval could submit and EOI.

Where can the public view the EOI?

Up to 5pm, 19 July 2023, the EOI is listed on developmentready.com.au and realcommercial.com. Notice will also be placed in media advertising.

How will you assess the EOI respondents?

The EOI process will be assessed by a panel comprising staff from various Council Directorates with finance, planning, land economics and property development knowledge, experience, and expertise, and in accordance with the EOI application form and criteria. All submissions will be assessed, and a report will be submitted to council with recommendations for its decision. The essential criteria are:

• Price and deposit
• Timeframe for completing the purchase
• Timeframe for completing repair and conservation works
• Nominated land configurations and land subdivision details
• Purchaser’s credential such as financial capacity to purchase, develop, repair and conserve the building and demonstrated experience in similar projects.