Number 14 is just under a quarter acre but the zoning in Kent Street requires a minimum size of a half acre to build on because the sewer is not installed and effluent disposal systems need a minimum land area. The restriction may never be lifted so it is a gamble as an investment.
Another adjoining owner is very upset that it wasn’t offered publicly. He said he would have bought it for considerably more. When he heard rumours about the sale, he actually tried to put in a higher offer to BMCC but was told the deal had already been done. He wanted to turn it into a Open Street recreation area with a community garden, playground, BBQ area and growing area for native seedlings. The zoning allows these activities.
The Valuer General’s Valuation for 14 Kent Street at the time of the sale was $35,000.
Click on the image on the left to see a larger view of the report.
A local real estate agent told me that the purchaser has probably added around $40-50,000 value to his land at number 12. He now has a very big valuable block.
Selling our assets without going through a publicly advertised tender which also includes an objection process is just not on. It just opens the door to opportunities for corruption.