A commercial property in the heart of Ulladulla has hit the market for the first time in more than 150 years.
The building recently underwent repairs, including a fresh lick of paint and the removal of a collapsing awning. Now, it has been listed for sale by a Sydney real estate, which describes the central Ulladulla property as the “jewel in the crown”.
The property is on the corner of the Princes Highway and Wason Street and stretches down to the Ulladulla Harbour car park. It is for “sale by negotiation” with a price guide of $5.5 to $6 million.
There is currently a retail complex and a house on the property, which is owned by the Fitch family, as well as a large amount of vacant land.
Belle Property Glebe principal Mark Tooth, who is selling the site, said it was a “rare opportunity”.
“Something like this only comes up once in a lifetime,” he said.
“It is the best site that remains in Ulladulla overlooking the harbour.
“It is on one side of the road, but consists of four titles. I have suggested to enquirers that it would be a good one to bring a few partners into for acquisition and or development.
“There would be, with approval, opportunity for someone to buy it and sell off a portion, if they don’t require all of it.”
The property listing states there is “outstanding mixed use development potential, subject to Shoalhaven City Council approval”.
However, the current owners have unsuccessfully tried to develop the land to include a two-storey building, with basement level car park, shops and offices. A development application was rejected in 2008, and again in 2010.
The 4,500 square metre property is almost opposite the recently started Pier 32 luxury apartment complex, which will stand six storeys high on Wason Street.
“I suggest a development might mirror across the road, which has a ribbon development of shops and then luxury apartments,” Mr Tooth said.
“With approval you could see the property developed into a commercial space.”
Mr Tooth said finding a property that has not been on the market since the 1860s was “extremely rare”.
“The site has been held with the one family, one of the pioneering families in that area,” he said.
“It used to be post office and a general store, then a newsagent. The site has had a connection to the family for many generations.
“You don’t see it very often, unless it is a rural property. I guess in this case, it is essentially because it hasn’t changed hands through the generations of the family.”
The land is zoned B4 Mixed Use in Shoalhaven City Council’s Local Environment Plan 2014.
“To integrate suitable business, office, residential, retail and other development in accessible locations so as to maximise public transport patronage and encourage walking and cycling,” a description of the zone’s objectives states.
It’s not the first time Mr Tooth has sold land for the Fitch family, having listed a Mollymook Beach block of land in 2017 and selling it for $1.1 million.