The former Charles Sturt University (CSU) site in central Albury campus is envisaged to be transformed into a vibrant residential estate in the heart of Albury over the next five years.

 

With the site bounded by Olive, Guinea, David and Wilson streets, the Head of the University’s Albury-Wodonga campus, Professor Allan Curtis, believes the projected sales according to a master plan recently endorsed by Albury City Council will contribute to the ongoing renewal of Albury.

 

“The master plan looks to preserve the old while encouraging the new. It is proposed that key historic and heritage elements of the site, such as the heritage listed houses along Olive St, be preserved and sold separately on the market,” Professor Curtis said.

 

Executive Director of CSU’s Division of Facilities Management, Mr Stephen Butt, explained the plan also allows for a further 130 new residential homes to be built on the site, “which will vary from conventional and ‘attached’ housing to low-rise apartments. This housing model is the way of the future, and a legacy for Albury city for many years to come”.

 

Director of Stanley & Martin Real Estate in Albury, Mr Steve Martin, was appointed by CSU to advise on the planning for and disposal of the site. “Historically, Central Albury properties have been tightly held and very hard to come by, so there is much anticipation and excitement surrounding the release of CSU’s properties,” Mr Martin said.

 

“Residential purchasers will be attracted by the convenience of living two blocks from Albury’s retail hub, restaurants and entertainment venues, while commercial interest will come from business owners relishing the opportunity to operate from a prominent location in the central business district.”

 

The University will seek expressions of interest from experienced property developers to deliver the master plan early in 2011. A draft subdivision plan is due to be presented to Albury City Council in February, which is envisaged to be completed within five years. The University is being assisted by property consultants CBRE who have been advising the University with this major asset.

 

It is expected that the Federation homes along Olive Street will also be entered in the real estate market in February and March 2011.