Council exchanged contracts to purchase the facility for a total price of $34.25 million.

Council’s acquisition of the shopping centre 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.

“This significant purchase represents a game-changer for Muswellbrook’s town centre,” councillor spokesperson for finance Scott Bailey said.

“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 per cent 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 start engaging with tenants with a view to undertaking a significant but staged renovation of the building.”

The acquisition of Muswellbrook Marketplace 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.