Port Macquarie-Hastings Council has started the process to classify Port's so-called 'hole in the ground' as operational land.
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The council at its December 2023 ordinary council meeting resolved to buy back the vacant block of land at 99 William St, adjacent to Port Central, for $1.
In the December council agenda, it stated that Gowings (the owner of Port Central Shopping Centre) no longer intends to build a 150-vehicle carpark on the site.
Port Macquarie-Hastings Council bought the 'hole in the ground' for $3.866 million in 2005 for the purpose of providing public car parking.
Following no progress for the site, the council sold the land to Gowings in 2019 for $1, with a positive covenant over the land requiring that Gowings, as part of an approved development, must construct at no cost to the council, 150 additional public carparking spaces.
The positive covenant included a council buyback option if development timeframes were not met.
Gowings wrote to the council on September 27 2023, setting out various headwinds and viability issues with progressing the development and delivering the 150 public carparks.
Council land acquired with a strategic investment intent is generally classified as operational land. This operational classification allows the land to be sold or developed in the future if required.
Port Macquarie-Hastings councillors passed the motion to classify the land as operational land at the ordinary council meeting on May 16.
The council resolved to commence the process of classifying the block as operational land by placing the proposed resolution of the classification on public exhibition for 28 days.
A further report will be tabled at a future council meeting following the public exhibition period detailing any submissions received.
