Albury Council has completed the purchase of a city eye-sore, which could generate up to $150 million in capital investment, but the price paid will remain under wraps.
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Mayor Kevin Mack on Wednesday confirmed the purchase of freehold land at the former Allied Mills site, which was first flagged in The Border Mail in August last year.
Cr Mack said lease arrangements with the Australian Rail Track Corporation had previously been a barrier to investment in the area.
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“This is a fantastic partnership that could help us to deliver a vision of new services, jobs and industry along a corridor identified in the 2009 Albury CBD Master Plan as prime development land,” Cr Mack said.
“It’s been disused for years and has become unsightly but we envisage this acquisition will not only provide new services and jobs to our city, but also lead to a significantly improved visual aspect along a major gateway to the CBD.”
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