Another council asset off the books for cash

Off the back of Colliers successful auction of councils Civic Centre carpark which boosted council’s coffers by $22.6 million, Colliers has sold another council-owned property at 17 Reynolds Road.

The Belmont property comprised of a commercially leased ten-pin bowling centre, a maternal health centre and a car park sold at reserve price after being passed in at auction.

Colliers senior executive Ben Young said the significant 15,605sqm of mixed-use land, the location and flexible zoning attracted considerable interest from local, Melbourne and interstate parties.

“The large parcel of land in a growing residential pocket of Belmont with proximity to public transport, schools, Waurn Ponds Shopping Centre, Deakin University and Epworth hospital were all drawcards for several interested groups,” he said.

Mayor Trent Sullivan said the sale would help the council reduce debt and fund community facilities in a difficult economic environment.

“The sale is part of our long-term financial planning, with this property one of four assets we’d flagged for sale as part of our 2022/23 budget,” Mayor Sullivan said.

Two further council-owned properties are earmarked for sale this financial year, the Busport Car Park at 30-54 Brougham Street, Geelong and 200 Princes Highway, Corio containing a KFC.