THE City of Greater Geelong will follow through with a plan to sell its Busport Car Park, but admits timelines for the transaction are uncertain.<\/p>\n
COGG’s worsening finances had led to speculation that it could reverse last year’s decision to sell the city asset and retain it as a source of income.<\/p>\n
The city’s budget for the coming financial year also showed that permit parking at the Brougham Street complex would rise by $210 for reserved spots and $165 for unreserved.<\/p>\n
But mayor Trent Sullivan confirmed last week that the council had not changed its position on a proposed sale.<\/p>\n
“The council resolution to sell Busport still stands,” he said.<\/p>\n
“We are rejigging the time frames, because when we originally put that asset sales program up, it was a very different world economic climate.<\/p>\n
“At the moment, it’s still an asset that brings in revenue for the organisation. However, the past resolution still stands.”<\/p>\n
Pressed on timelines for the sale, Cr Sullivan was non-committal: “That’s all a conversation for the council group,” he said.<\/p>\n
Busport was one of four properties the city said it would sell in the lead-up to its 2022\/23 budget to pay for an extensive program of asset renewal. Proceeds from the sale would not impact its operational budget.<\/p>\n
It anticipated last year the sales would boost its asset maintenance budget by about $50 million.<\/p>\n
The nearby Civic Car Park at Gheringhap Street, opposite Town Hall, sold for $22.6 million in December.<\/p>\n
A Reynolds Road site including a bowling alley and maternal health service sold earlier this year, and land that includes a KFC at Corio is also set for an imminent sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE City of Greater Geelong will follow through with a plan to sell its Busport Car Park, but admits timelines for the transaction are uncertain. COGG’s worsening finances had led to speculation that it could reverse last year’s decision to sell the city asset and retain it as a source of income. The city’s budget […]<\/p>\n