Sydney’s The Hills Shire Council has purchased Castle Mall Shopping Centre as part of its ongoing management of strategic investments for the community.
Castle Hill is a major centre and that is expected to grow considerably over the coming decades, especially after the addition of the world-class Sydney Metro Northwest, Council said in a statement today.
Castle Mall adjoins other key Council-owned sites in the Castle Hill CBD, including the Terminus Street carpark and the former Castle Hill Day Surgery, which will soon be home to the University of Canberra.
Council now joins a number of key property owners in Castle Hill and this purchase places it in the position where it can, as a landowner, influence positive outcomes for the community, it said.
General Manager of The Hills Shire Council, Michael Edgar said Council’s strategic investment portfolio provides a stream of revenue outside of rates and fees that fund vital community services such as Council’s Capital Works Program.
“The purchase of Castle Mall will not only help to boost Council’s annual income, but it also means as a landowner, we can carefully plan a future for the whole site, from Castle Mall down to the University,” Mr Edgar said.
“This puts Council and the community in a great position in the future, even though it will remain a community shopping centre for the foreseeable future.
“This will ultimately lead to better outcomes for the community, as Council will be placed in a position where it can deliver results that best suit the site and the needs of residents.”
He said Council’s careful investment of funds over many years had helped the area to prosper.
“Our financial management strategies have long included a strategic property portfolio that works to bridge funding gaps, ensuring Council has the resources to provide essential infrastructure and services,” Mr Edgar said.
“Strong financial management of funds over many years has enabled this Council to pay for big projects, like the renewal of Waves Fitness and Aquatic Centre. Council used $55 million of its own accumulated reserves to provide a state-of-the-art aquatic centre with a gym, Olympic-sized swimming pool, children’s splash pad, warm water pool and more.
“Many other aquatic centre renewals have only been able to happen through significant State and Federal Government funding.”
Mr Edgar said the purchase of Castle Mall, which was made possible from past investments, would help Council provide more for the community as the population grows and the demand for services increases.
“It is essential that Council continues to look for revenue sources outside of rates and user charges to enhance our capacity to deliver for residents.”
“This strategic purchase represents a wonderful investment for our residents and this community, both now and in the future,” he said.
