The land includes the old ferry terminal site (hotel) along with 76 and 78 Cambridge Road (hospitality training school).
The land sale price of $2.44m was the current market value of the site as advised by the State Valuer-General.
“The land sale will now allow the next stage of the development to begin, to realise Kangaroo Bay as a focal point for our city,” Mayor of Clarence, Alderman Doug Chipman said.
“Funds realised from the sale of the land will go towards the enhancement of the Kangaroo Bay precinct.”
The enhancement of Kangaroo Bay has been a longstanding strategic initiative of Council to create a precinct for recreation, retail, tourism, commercial and community uses and activities for residents and visitors.
The site provides for the development of a premium waterfront accommodation hotel and a linked hospitality training school. The proposal by Chambroad Overseas Investment Australia, in conjunction with Hunter Developments, includes hotel accommodation, serviced apartments, restaurants, bars and car parking.
Settlement of the land sale has now occurred.
While an approved development application for the site has previously been granted by Council, a second development application for the site has been received and exhibited. This application is intended to be considered by Council at a meeting later this year.