City of Greater Geelong Council has announced it will use the proceeds from the sale of a CBD car park to deliver new and upgraded assets across the municipality.
Spanning more than 4,000 square metres, the strategic Civic Car Park at 21 Gheringhap Street in the heart of Geelong’s CBD is expected to attract interest from the commercial property sector, Council said in a statement today.
Residents were previously invited to provide feedback on the proposed sale through Council’s 2022-23 Budget, Rating and Revenue Plan.
The Civic Car Park was built in the 1970s and features 503 commercial car parks and four retail stores.
“This is a significant land holding for the City so we have thought very carefully about the decision to proceed with the sale,” said Mayor, Trent Sullivan.
“The auction will raise funds for critical infrastructure and help to meet the needs of our growing population.
“We know that car parking is an important issue for our community, so we’re making sure that car parking is guaranteed on site for a decade.”
The sale includes a purchase condition that ensures commercial car parking – and the existing number of car spaces – is retained for a minimum of 10 years.
The Civic Carpark is one of four land holdings that are not in the council’s long-term plans and will be sold, the Mayor said.
- Busport Car Park at 30-54 Brougham St, Geelong;
- 17 Reynolds Road in Belmont (containing a Tenpin bowling centre with a commercial lease; a maternal health centre run by the City, and car parking);
- 200 Princes Highway, Corio (containing a KFC).
The property sales are a means to transfer capital from assets the council does not need to own, to invest in new community assets and repay and reduce future borrowings, said Finance Portfolio Chair and Deputy Mayor, Anthony Aitken.
“To help balance upcoming budgets, reduce our borrowing levels and invest in other community projects, it makes financial sense to sell properties that council doesn’t need to own.”
“Our disciplined financial management will help reduce the need to borrow more money in coming years. We must live within our means in Geelong,” Cr Aitken said.
Council raised $32 million in recent years by selling other surplus sites such as the Old Geelong Gaol and the Old Geelong Post Office.
The sale will be held by private auction at midday on Wednesday 21 December. Interested buyers are advised to contact Colliers.