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MTA Moves to Sell its’ Premises in Brisbane Street Darlinghurst
MTA Moves to Sell its’ Premises in Brisbane Street Darlinghurst
There are a number of member that have enquired about the sale of the MTA Building in Darlinghurst and although the details were outlined in an earlier edition of the Journal I have decided to print this information again so that all members will be fully aware of the decision that was made by their Board and Governing Council.
In November last year a valuation was sought on MTA’s Brisbane Street premises. That valuation came in at $5.5 million.
Under existing zoning laws we have the right to build two floors on top of the current building. The zoning laws are set to change during the next twelve months and this right will be taken away. The ability to add two floors presents a premium on the market value for a Developer wishing to lodge a DA [Development Application] before the Zoning Laws change.
Added to this the Brisbane Street building needs a considerable sum of money spent on the façade to bring it to an acceptable standard.
Consequently, MTA sought some expressions of interest in the building to see what the market might offer as a premium on the sale price.
We received two offers – one offer was $6.5 million and the second one was for $7.75 million.
The issue was placed before the Board and the Governing Council and both unanimously agreed that MTA should capitalize on the value of the building before the zoning laws change.
Negotiations continued and on 26th August last MTA exchanged contracts with the purchaser for $7.75 million with a non-refundable deposit of 5% being paid to MTA at the time of exchange. There is an extended settlement date of approximately 12 months [30th August 2012].
Thus MTA now has a year to find a new building which we are confident can be
accomplished before the settlement date. The Board and Governing Council know that in doing so they have acted in the best interest of members.
We will keep you up to date on the progress of our search for a new home.
James McCall
Chief Executive
phone: 02 9213 4222 fax: 02 9212 6889 Motor Traders' Association of NSW
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