Central Coast Council holds on to 7000 properties as it calls for government cash splash

Central Coast Council may be suffering from devastating financial mismanagement, which saw it unable to pay more than 2100 staff last week before the State Government bailed it out. But the council is spending big on an eye-watering property portfolio. SEE THE LATEST HERE.

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Central Coast Council is sitting on a multimillion-dollar property portfolio — including an $8.936 million residential lot in Wadalba purchased in February this year — while seeking NSW Government handouts to pay staff due to “disgraceful financial mismanagement”. 

CoreLogic data suggests Central Coast Council currently owns 11 properties valuing more than $14.389 million, however, a spokeswoman for Central Coast Council revealed its property portfolio is made up by more than 7000 properties “in addition to council facilities”.

the council would not provide information around the value of its property portfolio, with the spokeswoman telling The Central Coast Express Advocate the value of the portfolio was “constantly changing”.

The massive 87,992sq m property in Jensen Rd purchased by Council in February.

The spokeswoman said the council purchased the property at 85 Jensen Rd, Wadalba for close to $9 million to build sporting facilities for the community.

“Council’s 100 Day Recovery Action Plan includes a focus on asset policies, efficiencies and sales,” she said.

“This involves, amongst other actions, assessment of all assets and their current and future needs alongside consideration of community expectations.”

Last week, Local Government Minister Shelley Hancock forecast the suspension of Central Coast Mayor Lisa Matthews and councillors. She pointed to calling in an administrator, after the council revealed it was unable to pay staff.

There is no suggestion the mayor or councillors engaged in wrongdoing, with Cr Matthews

revealing “elected councillors and I were not given information about the precariousness of council’s finances” until October 20.

A generic photo of council staff before amalgamation. Central Coast Council staff were told last week that they would go without pay. Picture:Peter Clark

A spokesman for Ms Hancock refused to answer whether or not “withheld documents” were handed over to the Office of Local Government following the decision to suspend the mayor and councillors.

The government also refused to disclose whether the minister would refer the council to the Independent Commission Against Corruption after claiming council continued to illegally use developer contributions following allegations raised by NSW Auditor General Margaret Crawford earlier this year.