Last week council announced contract negotiations have been completed and a formal contract for the purchase of half of the 104-112 Pine Avenue lot has now been "fully executed".

The idea behind the purchase is to further enhance the redevelopment of the Roxy Theatre, providing extra possibilities as a result.

However, council has said it won't be telling the general public what the purchase has cost.

Council director environment and engineering Peter Keane, who is also the co-chairman of the Roxy Redevelopment Project Control Group, said the purchase price was a confidential matter.

"The purchase price is a commercial in confidence matter and has been before a confidential meeting of council therefore can't be disclosed," Mr Keane said.

"However, what we can say is that this purchase was a prudent spend of ratepayers funds for the good of the (Roxy Theatre) project."

Council has been able to proceed with the redevelopment of the theatre thanks to a grant from the state government to the tune of almost $4 million.

Mr Keane did confirm these funds were not used for the purchase of the buildings.

"These funds (for the purchase) have been made available from council reserves and in no way are made up from the Roxy redevelopment grant funding that was received from the NSW government," he said.

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(The purchase) provides council with greater flexibilities in option development and provides the town with future growth potential from an arts and cultural perspective."

Council are looking to work with the current occupying businesses to secure long-term tenure and certainty around their operations.

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