Coun­cil ramps up land sales

South Western Times - - Budget 2017-18 - Kate Field­ing

BUN­BURY’S land bank is ex­pected to be grad­u­ally re­leased onto the mar­ket this year in a bid to de­velop un­der­utilised prime blocks and en­cour­age in­vest­ment.

Bun­bury City Coun­cil has seem­ingly strug­gled to sell big blocks of va­cant land, but Mayor Gary Bren­nan is con­fi­dent a num­ber of ini­tia­tives will help get the blocks mov­ing.

The coun­cil bud­geted to make more than $5 mil­lion from land dis­pos­als dur­ing the 2016-17 fi­nan­cial year, but only man­aged an in­come of $727,187 from land sales.

The pre­vi­ous year was even less with just $144,123 in sales.

The 2017-18 Bud­get fore­casts the coun­cil will make more than $6.4 mil­lion if it was to be more suc­cess­ful this year.

But Mr Bren­nan said a lack of land sales in the city was not nec­es­sar­ily a con­cern and the coun­cil’s bud­get did not rely on it.

“We don’t do up the bud­get re­ly­ing on those sales to bal­ance it out,” Mr Bren­nan said.

“Any cash made from those sales would go into the city’s as­set renewal re­serve ac­counts.”

He said the coun­cil was this year ex­pected to ben­e­fit from an agree­ment with Land­corp to in­ves­ti­gate po­ten­tial de­vel­op­ment and sale of Bun­bury land as well as an ex­pres­sions of in­ter­est cam­paign by Col­liers In­ter­na­tional for sev­eral prime CBD blocks to go on the mar­ket.

“The land we’ve got un­der an MOU with Land­corp will grad­u­ally be re­leased to the mar­ket over cur­rent and grad­ual years,” he said.

“And a re­port is due back to coun­cil from Col­liers by midAu­gust, so we’ll know if there’s been any in­ter­est.”

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