Perry Lakes transfer settled
THE State Government will transfer $22.6 million to the Town of Cambridge in the 201617 financial year as part of the Perry Lakes Redevelopment Act.
Under the Act, the town was owed $50 million once the Perry Lakes redevelopment was complete, with the Town agreeing this year to accept a combination of land and cash.
Documents to initiate the formal settlement and transfer of three large Perry Lakes apartment sites from the State Government to the Town of Cambridge were signed last week.
The Valuer General valued the sites, which can accommodate up to 293 apartments, at $30.1 million including GST.
Cambridge Mayor Simon Withers said the Town would have to pass an amendment to its Town Planning Scheme before it could accept the money from the Government but he said the change was “a formality”.
Mr Withers said he expected an amendment to incorporate the Perry Lakes planning policy into the Town Planning Scheme to come before council in the next month.
He said the Perry Lakes apartments together with the Town’s stakes in the former nursery site in Jolimont gave them a large exposure to the apartment market.
“We don’t have any immediate financial pressure,” Mr Withers said.
“I would like to see some of them sold but we don’t have to sell them all at once.”