CENTRAL Albury land once earmarked for a $10 million commercial development is on the brink of being sold.
Proton Development Group has fenced off the land next door to the Mate’s Building and it could be individually purchased by one interested investor.
Another party is looking at buying all the land owned by Proton in Kiewa Street between Mate’s and Target.
It has long been used as a car park.
Proton decided to sell the land in December last year soon after the Australian Taxation Office’s new headquarters nearby was sold for $48 million.
In May this year, Albury Council ripped up a development deed entered into with Proton in 2007.
The global financial crisis of 2008-09 thwarted a start on the two-storey shops and offices development.
But Proton’s Steve Siperki said yesterday there was genuine interest in the land again.
“A lot of people are of the opinion the whole parcel of land between the two buildings is owned by council,” he said.
“It is a misconception.
“The prospective purchaser wanted to highlight that the land can be cordoned off and made available for development.”
Mr Siperki said negotiations for a sale were at a “fairly advanced” stage.
“Hopefully we can make an announcement in the next week or so,” he said.
“They wanted some clarity on what can be bought.
“It is positive news.
“Time is almost right again for developments to start again.
“Interest rates are going the right way and the election has been and gone.
“There are no more excuses.”
The lack of activity on the site was one of the reasons behind the council terminating the development deed.
A condition of the original deed included a pedestrian connection to AMP Lane, City Walk arcade and the soon to be constructed Volt Lane markets underneath the multi-deck car park opened in late 2011.
Proton Development also owned the Mate’s building before selling to local interests in 2011.