The land opposite the end of Merimbula Airport on Arthur Kaine Drive has sold for $2.5m following competitive bidding between four parties.
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Lot 121 Arthur Kaine Drive is a vacant site of 1.03ha or 2.54 acres zoned R3, medium density residential.
Council agreed to sell the land at a meeting on May 8, 2019 and it went on to be marketed by L J Hooker, Bega. Although originally believed to be seeking an asking price of $1.76m, this was more recently increased to $2.2m.
In the final bout of negotiations ACM understands there were four parties interested, one bidding $2.2m, another $2.36m and two offering $2.5m. The buyer was decided by who could get the paperwork arranged quickest.
ACM has been told the buyer is from Canberra and plans to build a selection of units and individual townhouses on the site.
The land does however come with some restrictions given its proximity to the airport runway, particularly the new planned northern extension.
In the report to council in 2019, staff said the land fell within the Merimbula Obstacle Limitation Surface (OLS) Map which meant part of the site falls within the limitation of 7 metres and rises to 15 metres.
Any development upon the land would need to fall under the OLS height limitations and would need to be confirmed by a registered surveyor and subject to final review by council as the aerodrome operator, prior to development application approval to ensure any development does not impede current and future airport operations.
The land also appears to be covered in part, by the NSW biodiversity map which identifies areas sensitive to vegetation clearing. Council itself may be subject to biodiversity rulings over the southern extension to the runway and has said $1m needs to be set aside as an offset biodiversity payment to the NSW government.
In 1997 the land was placed with Sapphire Coast Properties for sale at $912,500 and although there was interest, the sale never went through. From 2012 to 2015 the land was considered as a site for a cultural centre but this never transpired.
And then in 2017 it was proposed as the site for the redevelopment of the Bega Valley Regional Gallery but the ensuing uproar saw Bega endorsed as the preferred location.
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