Prime real estate on Warrnambool's Raglan Parade has been sold in a multi-million-dollar deal that will see the land rezoned for commercial use.
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Harris and Wood Real Estate agent Danny Harris said the 20,000-metres-square parcel of farm land near Bunnings was purchased by a local group of business people who planned to develop it in the future.
"They intend to do a commercial development on it. To do that it will need to be rezoned, obviously subject to council approval," he said.
The exact sale price has been kept under wraps, but Mr Harris confirmed it was a multi-million-dollar deal.
The land has been earmarked by the council for use as office/employment space under the council's structure plan.
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The council has been working on a plan for the whole of east Warrnambool which includes a new residential suburb on land along Dales Road.
The structure plan, which was originally released in 2016, includes traffic lights outside Harvey Norman and Deakin University, an upgrade of Dales Road and widening of Horne Road to 10 metres.
Plans to realign the Princes Highway between Deakin University and the Flying Horse Inn would mean acquiring land to accommodate a wider median strip for two rows of large trees which would create a boulevard similar to the Norfolk Island Trees further along Raglan Parade.
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Katrina Lovell
Katrina Lovell is a senior journalist at The Standard who covers council news and human interest stories.
Katrina Lovell is a senior journalist at The Standard who covers council news and human interest stories.
