Council sale of Barr Street in East Brighton doesn’t proceed
7 October 2012
Bayside City Council has been advised by Pakenham Hills Pty. Ltd., that it does not wish to proceed with the purchase of Barr Street in Brighton East, as the company is no longer going ahead with the development of the site that was to incorporate Barr Street.
Pakenham Hills advised Council of its intention to withdraw from the purchase in May this year. Negotiations between the parties proceeded and a mutual agreement was reached in recent weeks.
Council commenced negotiations for the sale of Barr Street with Pakenham Hills Pty Ltd, a subsidiary of the Gillon Group, nearly two years ago and Council approved the transaction in December 2010 for a sale price of $2.3 million. Proceeds from the sale were to be set aside for the further enhancement of open space within the City of Bayside.
Pakenham Hills Pty. Ltd. owns all the land adjoining Barr Street which is a cul-de-sac off South Road, near the intersection of Nepean Highway. It was intended to use the Barr Street land as part of a major development.
Council is not aware of any further proposals the current land owners may have for the East Brighton site.
Media contact: Sue Braddy, Communications Officer on 9599 4385 or email firstname.lastname@example.org
Page last updated: 07 Nov 2012