Perry Lakes trans­fer set­tled

Western Suburbs Weekly - - News - By SO­PHIE GABRIELLE

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.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.