oaky river
Oaky River. Image supplied.
  • The site was the basis of the Oaky River hydropower scheme
  • Property has 8.2 kilometre frontage to the river
  • CBRE is managing the sale campaign

A freehold property in the New England Tablelands region of New South Wales, which formed the basis of the Oaky River hydropower scheme for 57 years, has been listed the sale.

Located just out of Wollomombi, the 214-hectare property unsurprisingly has generous water supply and topography, with existing hydropower infrastructure spanning five hydro turbines, two 2.7MW power generators, ample shedding and housing for staff.

The property sits within the New England Renewable Energy Zone (NEREZ), an area that has been identified by the NSW government as a priority area for generating renewable energy. It supplied renewable energy to the local area from 1956 to 2013, when flooding damaged the infrastructure.

The property is near other well-known cities in the region; Armidale, 55 kilometres to the west and Coffs Harbour which is 155km to the north east.

The property has 8.2km frontage to the Oaky River, which includes Oaky Falls and native forests. The site also allows for alternative uses such as bio-conservation, carbon sequestration projects and retreat-style eco-tourism.

Boo Harvey and Edward O’Dwyer of CBRE are managing the two-stage expression of interest sale campaign. Submissions are invited before 20 October.

“Renewable energy is on the rise in Australia, accounting for nearly one-third of the country’s total electricity generation in 2021, and Oaky River is an ideal brownfield site for a significant redevelopment,” Ms Harvey said.

“The natural rock formations are ideally-shaped for large reservoirs and, while the power generation system has been inactive for nearly a decade, much the infrastructure that pumped renewable power into the grid remains.”

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