After decades of being vacant, one of the last remaining empty blocks on Banna Avenue has been sold.
The undeveloped block of land at 470-478 Banna Avenue was purchased by Webster Limited, a large Australian agribusinesses, who completed the exchange of contracts last Friday.
The sale means the heart of leafy Banna Avenue will soon be fully occupied.
Webster produces 90 per cent of Australia’s walnut crop, as well as cotton, corn, cereals and livestock.
Executive Director of the company is Chris Corrigan, the former director of Patrick Corporation best known for his role in the 1998 Waterfront dispute.
Webster’s headquarters are based in Leeton.
Chief Financial Officer Maurine Felizzi said the block will be used to develop a mix of office and residential dwellings for its staff. They are keen for building to commence as soon as possible.
The block of land, thought to be vacant for as much as 40 years, once housed a family-run bakery.
Brian Bertolin, the Griffith Real Estate agent who managed the sale, said this is exciting news.
“It's potentially good for the town, as jobs will be coming to region, as well as places for those people to live,” he said
The gradual uptake in developments is an encouraging sign for Griffith, with business leaders and real estate agents warning of a looming rental crisis due to a shortage of properties.
Around 99 per cent of all rental properties are currently occupied in Griffith, with just 67 dwellings available for rent, according to the website realestateinvestar.com.au.
Mr Bertolin also said the common fear of outsiders coming in and buying land and property does not appear to be an issue in Griffith
“I would say 80 per cent of commercial sales are made to locals. We had three properties sold on Yambil st recently, and all three buyers were locals,” he said.
Most residential sales are also being made to locals, with Griffith Real Estate estimating only around 30 per cent of homes are bought by outside investors.
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