The redevelopment of the Exchange Hotel in Pinjarra is on hold, following Council’s decision to reject a late, counter offer of sale by Strzelecki Group company, Exchange Pinjarra Pty Ltd.
According to Shire President Cr. David Bolt, given the current economic pressures caused by the COVID-19 pandemic, the proponent presented modified terms to the original draft of the contract of sale, that Council considered were not in the community’s best interest.
“The decision was especially prudent given the Murray River Square and Foreshore Redevelopment works currently underway, which once complete will offer a more holistic impression of the site’s potential.
“Council also agreed that marketing for the sale and redevelopment of the site, be deferred until such time as greater economic certainty returns to the market.
“Council will continue to assess the way forward including ideas for activation, particularly ready for implementation following the current “lockdown” period,” Cr. Bolt said.
The revised offer was considered at the April 2020 Council meeting.
Contract of sale negotiations between the Shire of Murray and Exchange Pinjarra Pty Ltd, for an approximate 3,300m2 portion of the former Exchange Hotel site, have been ongoing since October 2019.
“While disappointing, it is critical that a quality development outcome is achieved at the appropriate time in the future and the Shire will continue to work diligently to ensure that the right proponent, with a sustainable and befitting proposal, is approved to develop the key site, in line with Council and community expectations,” Cr. Bolt said.