A KEY State Government-owned land holding on the Coffs Harbour Jetty strip has sold.

Contracts have exchanged on the former Public Works, Fair Trading and Safework NSW building at 359 Harbour Dr.

Selling agent Troy Mitchell of L.J Hooker Commercial said the transaction was exchanged on Wednesday with an agreed sale price of $3,225,000.

"The (unnamed) purchaser intends to hold the property as an investment pending possible future redevelopment," Mr Mitchell said.

The property was listed under a 'sale by tender' process with a leaseback to Property NSW for three years, with an option for three more years, with annual reviews.

 

Public Works building up for sale on Jetty strip
The former Public Works site on the Jetty strip in Harbour Dr has sold. TREVOR VEALE

What sparked interest from investors is the fact the parcel of land is zoned B4 - under the provision of the Coffs Harbour Local Environment Plan 2013, allowing for mixed-use development following expiry of the secure lease term.

Future development of the site would potentially provide the property with elevated marine, ocean and beach views.

 

Public Works building up for sale on Jetty strip
The former Public Works site on the Jetty strip in Harbour Dr has sold. TREVOR VEALE

The property is situated between holdings by two of Coffs Harbour's key commercial property developers, retail rivals Gowings Bros, which purchased the former NSW Forestry building for $3-million in 2016 on the corner of Harbour Dr and Mildura St and the Bachrach Naumburger Group, owners of Park Beach Plaza and Park Beach HomeBase, which acquired the neighbouring Jetty Shopping Village in April last year.