Adelaide City Council is on track to purchase the former Le Cornu site in North Adelaide.
The site, located at 88 O’Connell Street, has been vacant since 1989 after going through several owners and failed attempts at redevelopments.
The current owner is Con Makris who recently abandoned plans for a $200 million project on the site.
Although the price cannot be revealed until the transaction is completed, Markis said the price was “significantly below commercial value”. According to recent sales data, the site is worth between $30 and $45 million.
Development plans are also unknown at this point, but the council says the redevelopment will happen in a “timely fashion”. It is likely to become a mixed-use development comprising retail, hospitality, commercial and residential; Daniel Gannon the SA director of the Property Council of Australia, told The Advertiser.
“Today’s announcement is the first step in the council’s ambition to end the uncertainty over the future of this site that has existed for three decades,” Lord Mayor Martin Haese said.
“As soon as the contract is finalised, the council will release the purchase price and other financial details publicly.”