SHOALHAVEN real estate agent Peter Russell has taken a swipe at two of the country’s biggest companies, Stockland and Woolworths (Fabcot Developments) for “land banking” in the Nowra CBD.
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Mr Russell who has run Integrity Real Estate for 14 years and been in the industry locally for almost 25 years says it is time the two major property owners come clean with their plans.
On his company’s Facebook page, Mr Russell has highlighted 14 different blocks of land in the Nowra CBD which are owned by the two companies, some for close to 20 years, without any development.
“Is Stockland and Woolworths killing our CBD?” he said.
“We have retailers crying out for new building and government services [NSW Health and Services NSW] unable to find offices in Nowra CBD.
Is Stockland and Woolworths killing our CBD?
- Nowra real estate agent Pete Russell
“Is it any wonder that South Nowra retail trade has exploded?
“Huge sections of land have been banked by major businesses to protect their current interest, some of it for close to 20 years [North Street] and the practice continues today.”
Mr Russell highlighted one prime location right across from Shoalhaven City Council and the Shoalhaven Entertainment Centre (SEC) on the corner of Bridge Road and Hyam Street, which Woolworths has owned since 1988.
Woolworths has also owned 9 Collins Way and 51 Junction Street, since 1988 and 1998 respectively, sites Mr Russell says would be a prime location for offices; a large swathe of land on the corner of Osborne and North streets through to Collins Way; and four consecutive blocks in Osborne Street, which he says is great home and business zoned land.
A quick inspection of some of the land in North Street revealed overgrown and now unkept former gardens, littered with all sorts of rubbish. Many of the blocks are currently being informally used for car parking.
Stockland also has some prime real estate including what Mr Russell describes as one of, if not the best locations in Nowra CBD, on the corner of Princes Highway and Junction Street, opposite the Shoalhaven Ex-Servicemen’s Club, which it has owned since 2006.
Either they develop it, giving jobs and business opportunities, or sell it to someone who will.
- Nowra real estate agent Pete Russell
There is also a small portion of land on the opposite corner where a former motorcycle and surf shop were located; another portion of highway frontage land further north near North Street; as well as a what Mr Russell calls the “mother of all development sites” behind the current Stockland shopping Centre.
He also questioned why Stockland had not upgraded its Nowra centre.
“It’s time for an upgrade to the Nowra building or is Stockland just protecting its investment in Stockland Shellharbour?” he said.
“Some of this banked land already has homes on it and could be freed up to be used for much needed housing in the CBD, which is in short supply. Alternately the homes could easily be converted to commercial use.
“Does our council know?
“Do they care?”
With Shoalhaven City Council increasing rates across the city for the 2017-18 financial year he has even proposed the tripling of rates on vacant Nowra CBD land.
“Either they develop it, giving jobs and business opportunities, or sell it to someone who will,” he said.