Two Dubbo property owners have put their heads and land together in pursuit of a developer willing to pay $1.5 million or more for a prominent position in the city.
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Andrew McDonald Commercial Dubbo is marketing four properties from 15 to 21 Cobra Street as one.
An Expression of Interest (EOI) process is under way with a dozen inquiries from "local and metropolitan" developers received in the first two weeks of the marketing campaign for the new 2765-square-metre development site near the LH Ford Bridge.
The site is zoned SP3 tourist, allowing developers with approval from Dubbo Regional Council to build the likes of a motel, medical centre or food and beverage outlet.
Andrew McDonald Commercial Dubbo reports of a request from the owner of 15, 19 and 21 Cobra Street for a meeting with the owner of 17 Cobra Street.
"We approached the second owner and they were happy to come on board to offer the development opportunity," sales and leasing consultant Dan Wilson said.
Mr Wilson said the practice of property owners joining forces to sell land to a developer was more common in metropolitan areas than places like Dubbo, with zoning "critical" to the success of the venture.
He said developers' questions about the site on the "busiest intersection" in Dubbo included its current ability to generate income which stood at an estimated $80,700.
"They ask about current income being generated by the properties because there is a likelihood that a plan will not get off the ground for some years to come," Mr Wilson said.
Interested parties need to register their interest and put their best foot forward to be in with a shot to stamp their mark on this fantastic site as opportunities like this don’t come along all that often.
- Dan Wilson
EOIs must be received by March 27.
"Certainly, we think there would be interest at $1.5 million or above," Mr Wilson said.
“Interested parties need to register their interest and put their best foot forward to be in with a shot to stamp their mark on this fantastic site as opportunities like this don’t come along all that often."
Mr Wilson said said the two vendors had shown "intelligence and foresight".
"They will sit down and review the submissions and make a decision," he said.
“We will continue to market the property and talk to interested parties until we achieve a result, although we are excited to see strong local and metropolitan interest so far, and are hopeful to see a result from the EOI campaign."
Currently, two of the four properties have tenants while another, on the corner of Cobra and Macquarie streets, is being used by a business.
