The Ocean Drive shopping centre was sold for an undisclosed amount in September, with the new local owner wishing to remain anonymous.

"We are firstly going to renovated it and get all the shops leased out. But the long term plan is to redevelop it and that would be a full demolition depending on funds," the new owner confirmed.

"An unsafe awning was pulled down last week and anything unsafe has been fixed. The place is being painted next week.

"The plan right now is to have some good quality shops, let people enjoy the local area, have a gelato shop, skate shop for the new skate park and an art gallery.

"If people go down to Lake Cathie, they can go for a walk around the lake, have an ice-cream and get skate gear for the park. The aim is making it a better spot to visit, that's why we bought it."

Lakeside Fashions owner Wendy Dunn said the future of the complex feels more stable and everyone will continue trading.

"All the shops will remain open while the refurbishments are being made and the shops will be reconfigured. We will all still be here and still trading," Mrs Dunn said.

"I've probably been here the longest at six and a half years. I view it as a good thing. I will be relocating into a bigger, more open store which I am happy about.

"It's a great location and Lake Cathie offers a great little shopping precinct. It will be a place for people to come.

"The consensus is that everyone is happy, the new buyer is talking to us and we know it is going to be maintained. We have stability now."

The village was previously on the market for $3.95 million in 2017. The former owners purchased and operated the Lake Cathie site since mid-1975.

Read more: Lakeview Shopping Village at Lake Cathie on the market in 2017

Feel Good Food manager Misty Kelly said she has nothing but high hopes for the change in ownership.

"It's pretty exciting to see the changes and business-wise it has been good this year, considering all that has happened," Miss Kelly said.

"Being refurbished is going to be awesome because of the location and everybody can appreciate it. It can bring some life to the area because everyone is down about the state of the lake."

Lake Cathie Hope Shop manager Sue Munro said the shop is moving location while the village is being refurbished.

"However the Hope Shop has been operating for five years since it was handed over from Hastings Aspergers and Autism Group and we have a lovely community there ready to help."

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