AN ESTIMATED $52 million worth of public land will soon hit the market as part of a City of Greater Geelong council plan to boost its revenue.<\/p>\n
The city is selling four sites across the municipality that it has deemed surplus to requirements.<\/p>\n
It is seeking tenders from real estate agents to sell the first two of its properties: Civic Centre Car Park at 21 Gheringhap Street, Geelong, and a maternal health centre, 10-pin bowling site and car park at 17 Reynolds Road, Belmont.<\/p>\n
The city would sell the properties under the condition they remain for their existing uses for several years: Gheringhap Street must retain its commercial car parking and 503 car parks for at least 10 years, while the maternal health centre has a guaranteed 20-year lease.<\/p>\n
The city will also sell Busport Car Park at Brougham Street and commercial area at Princes Highway, Corio within this financial year.<\/p>\n
The council’s finance portfolio chair Anthony Aitken said money raised from the assets would provide financial security for the city.<\/p>\n
“We have strategically reviewed our assets and have identified some properties that don’t need to be under community ownership,” Cr Aitken said.<\/p>\n
“The sales program will reduce the need to borrow even more money in coming years.”<\/p>\n
Earlier this year, the city indicated the funds raised would primarily go towards a pipeline of infrastructure renewal projects, which it said had been underfunded in recent years.<\/p>\n
Council reports also estimated the properties had a combined value of around $52 million.<\/p>\n
The city’s 2022-23 budget has predicted a break-even year for the municipality, after two consecutive deficits during the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"
AN ESTIMATED $52 million worth of public land will soon hit the market as part of a City of Greater Geelong council plan to boost its revenue. The city is selling four sites across the municipality that it has deemed surplus to requirements. It is seeking tenders from real estate agents to sell the first […]<\/p>\n