New Akuna St land sale could reach $4 million

The undeveloped carpark on the high side of Akuna St could soon go under the hammer for as much as $4 million.

Colliers Wollongong, the marketing agent for the site at 14 Akuna St, Kiama, confirmed to The Bugle that guidance for the carpark ranges between $3.5 million and $4 million. Guidance is based on the potential of what the site could be used for.

Selling agent Simon Kersten told The Bugle that it was Colliers’ opinion the most value could be extracted by building “shop top housing” on the site similar to those at Akuna Court on the same street. Shop top housing refers to buildings with commercial shops on the ground floor and residential buildings stacked on top.

However, Mr Kersten said the potential for Akuna St has meant that Colliers has fielded interest for a range of uses, including retirement housing and hotel and motel accommodation.

“It’s a rare site for Kiama because it’s a simple site that’s clear and able to be developed quite easily,” says Mr Kersten.

“It’s elevated so it has lovely views. It’s got a lot going for it as far as sites go.”

The site is a 2400sqm parcel of land that stretches across four lots, with a maximum build height of 11 metres.

The property is being sold by tender following an expression of interest campaign which closes 28 June 2023. The final sale will still require approval by Kiama Council.

The lot at 14 Akuna St is the latest divestment by Kiama Council after it sold its landholdings on the opposite side of the street to Level 33 Property Group for $28 million,