Muswellbrook Shire Council has exchanged contracts to purchase the Muswellbrook Marketplace.
Council’s acquisition of the Marketplace will provide a wide range of opportunities to improve the connection between the Marketplace and Muswellbrook’s Main Street, which has been a long standing community priority of the Town Centre Masterplan.
Councillor spokesperson for Finance, Scott Bailey said: “This significant purchase represents a game changer for Muswellbrook’s town centre.
Additionally, Council, in consultation with the Muswellbrook and Denman Business Chambers, will appoint an independent Future Fund Board to provide advice and strategic guidance about the Future Fund’s business and education holdings, including the Marketplace, and to ensure that key day to day commercial decision-making is rigorous, of high quality, and fully compliant with our obligations to competitive neutrality.
“Council expects the Marketplace to return around 6.7% of its capital value each year, and we will work on improvements to the building to attract new and diverse retail opportunities and customers to the town centre.
“Council is committed to being a best practice landlord and will immediately commence engaging with tenants with a view to undertaking a significant but staged renovation of the building.”
The acquisition of Muswellbrook Marketplace for a total purchase price of $34.25M aligns closely with the strategic objectives of the Muswellbrook Town Centre Strategy and Council’s Future Fund.
Muswellbrook Marketplace will be held as part of Council’s Future Fund and will be funded principally by debt with some equity. The contract includes a 90 day settlement period.