Old Sydney Town sale: Council says no to Tony Denny’s $10 million offer
Millionaire Tony Denny has revealed a smaller version of Old Sydney Town with a wave park next to it are part of his vision for the iconic Somersby tourism site. Now he just needs to buy it.
Central Coast
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Millionaire business man Tony Denny has revealed a smaller version of Old Sydney Town with a wave park next to it are part of his vision for the iconic Somersby tourism site.
Mr Denny is one of a number of local people who are part of a syndicate negotiating to buy the 120 hectare site which went on the market back in February.
Mr Denny told the Central Coast Express Advocate it was too early to say more about his plans as negotiations continued around the sale.
The expressions of interest period for the purchase of the land has already closed with 23 submissions received which are now being investigated by the selling agents CBRE.
Central Coast Council last night rejected a proposal which could have seen it join Mr Denny and his syndicate.
Mr Denny is understood to have committed $10m toward the land purchase if council came on board.
An urgency motion was put to last night’s Central Coast Council meeting which requested council investigate the acquisition and potential development of the former Old Sydney Town site for industrial and tourism development, as a first step toward becoming involved in the sydnciate.
Cr Bruce McLachaln was the architect of the motion and the move to get council involved with the land purchase.
Mr McLachlan told the council that rather than let the site be “sold to Chinese interests or become a land bank” he had made approached to a number of local people who could be involved in the syndicate.
He said this included Mr Denny who he said already had a business plan for the site.
”You have the protection of an experienced business person who is not going to put his money into something that’s flawed — you are not going to be suddenly looking at a white elephant situation.” Cr McLachlan said.
During the meeting Cr McLachlan said he had been elected to use his business skills to bring opportunities to council.
“I’ve made a couple of phone calls, I’ve delivered you a leading developer, I’ve delivered you $10m, I’ve given you an opportunity to buy the most iconic site on the Central Coast,” Cr McLachlan said.
“Just have a look at it — I am giving the Central Coast people a chance to have a crack at Old Sydney Town.”
The motion was seconded by Cr Greg Best who argued that in effect it only asked council staff to investigate the matter and come back with a report for council to consider.
Cr Chris Holstein was the main person to speak against the motion on the grounds that the “industrial and tourism development” of the site would be impossible under current E4 and E2 land zonings.
Cr Holstein argued that as council had previously rejected calls to rezone the land, entering into a purchasing syndicate would create potential for conflict of interest in any future rezoning discussions.
“Once we become partners in this we will lose some control over what should happen up there on that site,” Cr Holstein said.
He said he agreed there were many opportunities for the Central Coast from redevelopment of the site and possible reopening of Old Sydney Town and any new owner should be supported.
“But I don’t want to be in the mix. We don’t need to have a our finger in that pie. We need to be able to stand back and make a very sensible decision — a decision without a conflict of interest,” Cr Holstein said.
Mayor Jane Smith sided with Cr Holstein.
“I am concerned about the urgency motion — I think there are significant governance and probity issues around how this proposal is structured and brought to council.
“I share the optimism of councillors about this — we would all like to see something happen at Old Sydney Town but I am not comfortable with the way this is progressing or the haste in which council is being asked to consider it.”
The urgency motion was put to a vote and lost.
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