A commercial property owned by City of Greater Geelong Council is set to be auctioned next month – the second in recent months as the Council works to reduce debt.
“The sale is a continuation of the Council’s plan to reduce debt and raise revenue to fund community facilities,” said Mayor, Trent Sullivan.
“We are facing a tough economic environment, with huge cost increases in the construction sector impacting our budget.
“These sales form an important piece of our affordability in our long-term budget planning, and will help us to provide improved community infrastructure for our growing population.”
The property at 17 Reynolds Road in Belmont will be auctioned on 9 March, the Council announced this week.
Council has appointed agents Colliers International to market the property, which is one of four surplus assets earmarked for sale through the Council’s 2022-23 budget.
Colliers previously auctioned another property on the Council’s behalf – the Civic Centre Car Park in Geelong – for the selling price of $22.6 million late last year.
The Reynolds Road property includes a commercially-leased ten pin bowling centre, a maternal health centre and car parking.
“The property has been identified as surplus to the Council’s needs,” said Deputy Mayor, Anthony Aitken.
“It makes sense for us to sell this non-core property to help us remain financially sustainable and invest in other facilities that we have identified as a higher priority for the community.”
The Council has placed as a condition of sale that the maternal health centre will remain in operation under a lease at the site for 20 years.
“We recognise that a maternal health centre exists on the sale site and plays an important role in the local community – a condition of sale will provide certainty for that service for the next 20 years,” said Cr Aitken.
The two properties earmarked for sale by the Council this financial year that are still to be listed are:
- Busport Car Park at 30-54 Brougham Street, Geelong; and
- 200 Princes Highway, Corio (containing a KFC).
The property comprises 2,975 square metres of building area with approximately 175 car parks, on a total of 15,605 metres of mixed-used land.
“This is a strategic investment opportunity in a thriving location with significant landholding, which presents as an investment with long-term potential for redevelopment,” said Colliers Senior Executive, Ben Young.
The sale of the Reynolds Road property will be via private auction. Expressions of interest are invited by contacting Colliers International.
