River Street land vacant for 15 years to be filled
It has been vacant for nearly 15 years, but now a new owner will look to fill the gap of prime real estate that was destroyed by fire.
Property
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A hole in Maclean’s central business district is closer to being restored after the land on River Street was purchased recently.
The land at 193 River Street has been vacant since a large fire destroyed the buildings in 2006.
Located to the building that houses Riverland Travel, those buildings contained a laundromat, Cafe Boulevarde and gift shop The Little Blue Wren, which was located on this block.
The block was purchased for $300,000 last month, and licensee for selling agent LJ Hooker Yamba Keiran Mulvihill said there was a current DA for the site.
“The new owner hasn’t set down their plans, but it will involve a commercial premises below with residential upstairs,” he said.
Mr Mulvihill said it was another example of the strength of the local real estate market, and particularly a growth in commercial property.
“There’s definitely life in that commercial market,” he said. “You can’t really travel, so we’re getting intrastate traffic and people moving through, and I think it certainly lends itself to becoming bigger.”
The agents recently also sold a commercial property on Coldstream in Yamba for $1.3 million which Mr Mulvihill said was prospectively going to be developed into a bar/restaurant scenario.
Perhaps the greatest indication of their confidence in the commercial market is they are putting their own commercial premises for auction this Friday.
“We’re moving a couple of doors down the road, and have just started to outfit the office as we speak,” he said.
“There’s a real confidence in the market and I’d say that people are thinking it’s better to have your money in real estate than in the bank.
“People are moving their money from more volatile things and putting them into bricks and mortar.”
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