NEWS
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24 November 2021 COAST COMMUNITY CHRONICLE - WWW.COASTCOMMUNITYNEWS.COM.AU
Bounty Close property sold for $652,088 From page 1 “We note in this case the lease would in effect be extinguished with the opportunity of a market rental being able to be achieved. “In our assessment of value, we have adopted the principle that the tenancy agreement is watertight assuming both the tenant and the landlord fulfill their obligations throughout the lease term
expiring in 2054. “We have also adopted the principle that the market value as at February 3, 2020 (the date the Option Clause was exercised by the tenant) is significantly impacted by the lease until its expiry in 2054 by a Peppercorn Rental only being paid and not Market Rental. “[A] Call/Put Option [was] agreed with an effective date of any time after February 1, 2020.
“The Call Option is now exercised as at February 3, 2020 with this valuation fulfilling the requirements under Clause 27.4 of the Lease,” said the Knight Frank report, included in the Council Agenda for November 23. In other words CCGT exercised its right to purchase the property. The community was assured by Interim Administrator, Dick Persson and current
Administrator, Rik Hart, that the asset sale program would not result in “fire sales”. The valuer’s report suggested it could sell the property on the open market with an extended marketing period over 12 months. “With the existing lease in place, the marketability of the property would be compromised to the point of a limited number of investors or alternatively the sitting tenant (lessee),” the
report said. “The sale of the property on the open market would require an investor undertaking a similar assessment of value as completed within this valuation. “We acknowledge there are both positives and negatives associated with the sale to a third party including the upside to an investment being the potential closure of the business and realising the market value at the time (which
could be anytime from now until the end of the lease) and the long term growth of seven per cent on the investment.” Wyong Shire Council and CCGT successfully negotiated the Commonwealth grants to build the Bounty Close centre for about $2M, with another $700,000 for further funding on IT. CCN
Neighbours take aim at Council over boarding house proposal Neighbours are strenuously objecting to a 24-room, three-storey boarding house proposal at 33 Dening St, The Entrance. Surrounding neighbours are most concerned that they were not formally notified of the proposal by Central Coast Council and that there has been no community consultation. “People only became aware of this proposed development at the 12th hour because of an article in the local paper, the Coast Community Chronicle on November 17, which stated that the cut-off date for
submissions was November 19,” said Christene Butler. “There was no development proposal signage on the block and no formal notification received by not only me, but a majority of people who live in the area that would be impacted by this development,” she said. Residents requested Council extend the time for submissions and increased consultation with locals. In several submissions already lodged, the resident concerns include that the site was too small for the number of units and the size of the building which was out of
proportion and character with the surrounding housing mix. They are also concerned about the social impact on the area because of the temporary short-term nature of boarding house tenancy among longterm senior citizens, as well as families who have moved in, all looking for long-term stability and security. “While I agree that lowincome affordable housing is necessary, it is equally important to build it in the right suburb, and in this instance, it is in the wrong place,” Butler said. “The Entrance is a holiday destination, a hub for retirees
and young families. “If built in the right area that enables the people housed to access the services they need, such as transport, employment and health services, this type of accommodation has purpose and is a steppingstone for them to move on in the community and succeed. “Building this at The Entrance, in Dening St, is not going to achieve this and is setting them up to fail. “Employment opportunities are scarce … local businesses have been forced to close due to COVID and many social services have been relocated to Gosford and Tuggerah
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which are both a 90-minute trip by bus which is the only public transport available at The Entrance. “Historically, people who are tenanted in boarding house accommodation are disadvantaged so housing them in an area that offers no means of elevating themselves just disadvantages them even more.” Butler said the Social Impact Statement with the DA was flawed and had failed in its duty of care as it stated that there was no site visit. “How can they form an opinion on the impact on a neighbourhood without an
appreciation of the neighbourhood and surrounding area,” she said. Butler also claims the traffic and parking assessment is inaccurate and misleading because the data was gathered in June 2021. “This was not only in the middle of Winter which historically is very quiet but it was also in the middle of the COVID-19 lockdown,” she said. “This development proposal is ill conceived as the supporting documentation is flawed, out of date and based on faulty data.” Sue Murray
