RAILWAY Street could soon house another new development after Griffith City Council received a bid from a private investor to buy a vacant block of land.
The investor has expressed interest in purchasing the council-owned block at 29-31 Railway Street, on the corner of Tranter Place, to construct a commercial development.
This comes after Lot 34 at 55 Railway Street was controversially sold for $2.5 million to Ascenzo Industries (AI) last year.
The proposed developer cannot be named for reasons of commercial confidence but if it goes ahead, the new development will join AI’s planned hub comprising 40 serviced apartments and two large shopping plazas on Railway Street.
AI’s hub was given final approval by the Joint Regional Planning Panel in June this year.
Council will now call for expressions of interest from the public for the sale and development of the land.
While the land – which is opposite the CWA rooms and near the police station – is currently being valued, council general manager Brett Stonestreet said last year’s sale set a benchmark of $250 per square metre.
This meant the proposed sale of the 2468 square metre block would fetch at least $617,000.
“We believe the offer warrants us going out to seek extra offers from the community,” Mr Stonestreet said.
“This provides greater transparency and gives anyone interested in the land the opportunity to make an offer.”
The land is currently used as informal car parking.
Mr Stonestreet said the expressions of interest process could prompt submissions against the sale of the land, which would be considered.