FOUR parcels of land in South Street crucial to the development of Wodonga’s Junction Place will be sold to Places Victoria.
The Wodonga Council bought the lots in 2006, knowing the railway line would be moved to the city’s north.
Places Victoria already owns all surrounding land south of South Street.
Wodonga councillors were told last night single ownership of the area achieved with Places Victoria buying the lots — sized 1102, 1783, 448 and 1380 square metres, — would increase development potential for precincts four and five of the master plan.
Junction Place, a 9.91-hectare site in the heart of Wodonga, is expected to be fully developed within 15 years.
Two of the blocks will be sold in March and the other two in December.
The council paid $1.157 million for the land and will get a return from Places Victoria of $1.005 million.
The lower price is explained by the need for the council to keep a block it bought in 2006 — valued at $153,000 — to extend Smythe Street.
Cr Rod Wangman said there was a “bit of uncertainty” about how the deal would pan out but the council had been proved to be right.
Cr Anna Speedie said the sale was “pretty exciting” for the city.
She said it would allow Junction Place to develop “in the right way and the most opportunistic way” for the community.