Rare Kiama Landholdings Up for Grabs

16 March 2022

Kiama Municipal Council has appointed leading agency Savills to market the Akuna Street Landholdings, an elevated amalgamated site of 6,726 square metres overlooking Kiama Harbour and Hindmarsh Park through an Expressions of Interest campaign.

Representing a rare opportunity to secure a significant land parcel in the tightly held coastal community, the site boasts street frontages to Akuna Street, Shoalhaven Street and Terralong Street. It is zoned B2 Local Centre, benefitting from a height limit of 11 metres and an FSR of part 1.5 and part 2:1. The Council is currently preparing a town centre development control plan which will underpin future development of the landholding.

Offered on a freehold basis, the site has four separate titles and currently houses approximately 80 Council carparks, a former hardware store, a residential dwelling, and a two-level commercial building. The existing retail building at 100 Terralong Street provides valuable frontage on Kiama’s main retail strip. The site was originally acquired for the purpose of a second retail supermarket for the Kiama community

“This truly is a once-in-a-lifetime opportunity to develop a landmark mixed-use project in this thriving coastal community strategically positioned just 35km from Wollongong and 120 km from Sydney,” said Johnathon Broome of Savills.

According to Mr Broome, existing planning controls accommodate a variety of residential and commercial uses while a site-specific DCP is on exhibition for an increase in height, with six storeys currently being proposed.

The post-COVID-19 flexible working style has seen many city-dwellers flock to coastal towns, seeking to maximise their lifestyle while working from home – with robust continued demand resulting in a 50% increase in land values since the onset of the Covid-19 pandemic in 2020.

Kiama’s population is earmarked to increase to 26,100 by 2041, compared to 23,006 in 2018.

The site is ideally positioned in a central location along Kiama’s main retail strip, Terralong Street and only 150 metres away from Kiama Railway Station and near Princes Highway providing direct access to both Wollongong and Sydney CBD. It is also close to numerous shops, beaches, tourist attractions, schools, and hospitals.

The Expressions of interest will close at 4pm, Thursday 14th April 2022.