Adelaide City Council spent millions of dollars above the valuation of former Le Cornu site
ADELAIDE City Council paid millions of dollars more than it probably should have for the Le Cornu site.
SA News
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ADELAIDE City Council paid millions of dollars more than it probably should have for the Le Cornu site.
The council has made public previously confidential documents relating to its $34 million purchase of the former Le Cornu site at 88 O’Connell St in North Adelaide last year.
They reveal that valuations of the much-talked about site had it varying from $20 million to $27.1 million, far less than what the council ended up paying for it.
But the documents also disclose that developer Con Makris — from whom council bought the land — said a $35 million offer was made from a third-party for the Le Cornu site although the identify of the bidder was never revealed.
The documents also show that it has been estimated that the construction activity of a development at Le Cornu is modelled to generate $338 million in economic activity and generate 997 full time equivalent jobs.
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