Old Sydney Town land sale attracts local and international interest
A GOLF course, a resort and even a revitalised theme park are thought to be among plans being considered as local and international players line up to buy the region’s highest profile development land.
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AT LEAST one of the potential buyers of the Old Sydney Town site is considering restoring some version of the colonial era theme park.
The expressions of interest period for the 120ha parcel of land at Somersby closes on March 15 and selling agents CBRE said there had been very strong local and overseas interest in the site.
Agent Victor Sheu is handling overseas inquiries for the sale and said some buyers were interested in the E4 zoning which is suitable for recreational use.
“That zoning allows or golf courses and resorts — that kind of thing,” he said.
“But having said that, a couple of groups that are currently looking at this are potentially looking at revitalising some form or aspect of Old Sydney Town rather than completely removing it.”
CBRE industrial real estate expert Ben Byford said “all the major land developers in Sydney had looked at the site”.
“Next step will be going through all the expressions of interest and seeing which are really interested and which are just looking,” he said.
“We started out thinking the sale price would be $10 million but now we expect somewhere north of $15 million,” he said.
“The owner wants it sold by Christmas at the latest.”
The Old Sydney Town land is just 10 per cent of the site — the rest of it is zoned rural. Nearby Australian Reptile Park is unaffected with lease arrangements continuing well into the future.
The decision to sell comes less than six months after owner, international hotel entrepreneur, Richard Chiu, said he was ready to seriously look at building a revamped Old Sydney Town — but only if Central Coast Council rezoned 30 per cent of his surrounding landholding for residential or commercial development.
Mr Chiu said at the time rezoning some of the land would make it feasible for his company to take the financial risk of resurrecting the theme park.
Old Sydney Town made headlines last year after drone footage revealed the advanced state of decay of the once popular theme park.
Davistown drone enthusiasts Mitchell Hubbard’s drone images buildings slowly falling apart and rooves caved in. The replica tall ship Perseverance had sunk and weeds were growing on its decks. From above, the park resembled an 1800s ghost town.