Ray White Developments spokesman Mr Les Rogan said the property would need to be demolished and a new tower built on the site.
The building was originally the Gosford City Council administration centre and is being sold to help pay for Central Coast Council’s disastrous $565M loss, caused by mismanagement and poor governance.
“To make it viable, it would need to have approval for two levels of above ground parking with two car garages allocated to each apartment,” Mr Rogan said.
“Tender is the only way to go with this property. If your group were to be successful you would need to have something in writing concerning the development options. Verbal assurances never work,”
Mr Rogan said the existing building had limited value as an office block unless it was occupied by a major lessee such as a Government department.
An attractive sale
“Given recent Government expenditure into Gosford that could be a viable option.” The Australian Tax Office built a new building literally 100m from the council.
However, Mr Rogan was adamant that a new apartment development was the way to go.
He said the sale would be much more attractive if the council site and the adjacent Broadwater Hotel site were sold as one parcel of land.
However, it is understood the two sites are being sold separately by council.
He said the project need to have an emphasis on internal size and balcony sizes, with two garages per apartment now preferred.
Mr Rogan said a tower at the site would provide good views for many apartments and was in a better location than the trendsetting Bonython building further along Mann St.
Meanwhile, two property experts from Parramatta will assist Council in selling major assets including the Gosford Council Chambers, the adjacent Broadwater Hotel site and worryingly some land near the airport.
Michael Filo and Steve Rose will be the Independent Advisory Group assisting council in marketing the properties. The pair have extensive experience in the public sector, developments and selling property assets.
Included in their resume is acting as members of Parramatta City Council’s Major Projects Advisory Committee.
