The sale process for the four Council buildings that are to be sold to help fund the new Cultural and Civic Space is about to begin with calls for interested parties to put forward Expressions of Interest (EOI).
For Sale signs will be installed and an advertising campaign will begin shortly for Council’s Castle Street Administration Building, Rigby House, Coffs Harbour Regional Museum and buildings in Rose Avenue. The closing date for Expressions of Interest is April 9 2020.
Real estate commercial agents Burgess Rawson are handling the marketing campaign and Expressions of Interest for Council. They were appointed after an open tender process to select a real estate agency.
The buildings can be sold separately or as a single package. Council plans to rent the Administration Building, Rigby House and Coffs Harbour Regional Museum for at least three years while the new Cultural and Civic Space is being built.
The sale is expected to raise approximately $20m, which is to be put towards the $76.52m cost of the new Cultural and Civic Space, which is to be constructed in Gordon Street.
The funds to pay for the new building are coming from the sale of the four buildings, plus $10.5m from internal savings, as well as potential grant funding for the Museum, Gallery or Library portions of the new building. The balance will come from loans.
The loans will be ‘business as usual’ borrowings spread over the life of the building. Budget planning to date shows that no special rate variations are needed to fund the building based on current cost estimates and Council decisions.
The new Cultural and Civic Space building will include a Regional Gallery, Central Library, Regional Museum, multipurpose meeting rooms – one of which that can also be used as the Council Chamber for meetings – a co-working space, shop, café, the Family History Group, function space, the Council customer service area, Council offices and basement car parking.