The multimillion-dollar Woolworths-Dan Murphy’s project on the former Prince of Wales Park site will only make the land on which the little-used velodrome sits more attractive to developers.

Tamworth Regional Council and the Tamworth Cycle Club commenced discussions towards the end of last year about the possibility of selling the land, which is worth an estimated $2 million.

It was then proposed that a portion of the proceeds from the sale of the council-owned land would be used to build new cycling facilities in an area outside the central business district.

LJ Hooker Tamworth co-principal Richie Thornton said there was no doubt the Woolworths-Dan Murphy’s development would boost the profile of the land on which the velodrome was built two decades ago.

“Anything of that retail nature and of that size is going to obviously attract more traffic flow, and more traffic flow means more potential business, which is what all businesses are looking for,” he said.

“The other thing about the velodrome is that it’s on a corner as well ... and there’s only four of those on every block.”

The new supermarket, at almost 5000sqm, will be the largest Woolworths in regional NSW and is expected to open its doors late next year.

Tamworth deputy mayor Russell Webb said it was his personal view that Everich International’s shopping centre development would breathe new life into that end of the main street.

“I think as that end of Peel St develops, that land will become more valuable and more sought-after and will provide us, as a council, an opportunity into the future to perhaps capitalise on that,” he said.

“The whole process of recycling that asset would involve community consultation and, of course, consultation with the different sporting groups in the town.

“Through that process we would talk to the community about the benefits that can be gained from moving forward with that piece of real estate.”