Co-op sells its Yamba outlet for over $2 million
By ADRIAN MILLER
THE Clarence River Fishermen's Co-operative has sold its Yamba property in a deal believed to be worth more than $2 million.
The property, which is on Yamba Road and operates as a takeaway food store, had been on the market since June when the Co-op announced it would sell the building to raise funds for a new facility in Maclean.
Sitting on a 1709 square-metre block, the property runs to the banks of the Clarence River and offers 200 degree water views.
Co-op general manager Brian Mitchell said even though the property had been sold, the organisation would continue to lease the building.
"Following further discussions with the successful tenderer it is the intention of the parties that the Co-operative will lease back the property and continue to operate its seafood retail outlet for at least the next two years," he said.
While not willing to confirm the price the property fetched, Mr Mitchell said it was a substantial amount.
"Prior to the preparation of the tender document, the research by (agent) Mike Macqueen and his team indicated that a price of that order ($2 million) might be achieved," Mr Mitchell said.
"The board will be releasing information on this matter to members at the AGM (in November)."
Mr Mitchell said the Co-op would not release the name of the new owner at this stage.
He said the sale would allow plans for a new facility in Maclean to be developed further.
"The proceeds from the sale of the property are to be used in funding the rebuilding of the Co-operative," he said. "(This includes) plans to build a new processing plant in the Maclean area to improve the efficiency and competitiveness of the Co-operative in the interests of all fisher members."
Agent Mike Macqueen said the land was zoned Residential 2 (T), which meant the new owner could develop the land into residential property, a motel or a mixture of residential and commercial dwellings.