Central Coast Council’s financial crisis: Land sales revealed
Central Coast Council is forging ahead with its land sales program, in a bid to claw back some of the $565m debt it has accrued. See what’s sold and the prices fetched.
Central Coast
Don't miss out on the headlines from Central Coast. Followed categories will be added to My News.
More than $7m in properties have been sold by Central Coast Council as part of its land sales program.
The council has been selling properties to help dig itself out of the financial crisis which saw it accumulate $565m in debt over four years. Part of the council’s recovery plan is to sell $60m in council-owned land.
The issue is set to come to Tuesday’s council meeting with council revealing it has sold eight properties by auction or private treaty to the tune of $7.7m and by the prices recorded, it appears the council has managed to cash in on the ongoing real estate boom.
The 14,700 sq m industrial site at 1a Lucca Road, Wyong was valued at $2.5m and ended up selling for $4.85m, while vacant residential land at 165 Main Road, Toukley, was valued at $530,000 and sold for $660,000. Another vacant property at 44 Springall Ave, Wyongah, sold for $420,000 which was $95,000 over its valuation.
Five other properties sold for their valuation prices including:
– Vacant land (607sq m) at 18 Dunvegan Street, Mannering Park – $240,000
– Vacant land (577sq m) at 6 Wyndora Ave, San Remo – $280,000
– Vacant land (676sq m) at 9 Thompson Street, Long Jetty – $475,000
– Office space at 3 Bounty Close, Tuggerah – $652,000
– Vacant bushland 11-23 Wyong Road, Tuggerah – $130,000
“Council is continuing the path to financial recovery and sustainability with further actions implemented from the adopted Business Recovery Plan,” council’s report states.
“Part of the significant steps being undertaken, include the sale of council assets which are underperforming or surplus to council’s current and future needs. This process is crucial to deliver a much-needed boost to council’s financial position and provide confidence to our lenders that council operations can continue sustainably, and loans serviced.”
Most of these properties were listed in Tranche 1 of council’s sales with Council’s Administrator Rik Hart previously telling the Express he hoped to reach its mark of $60m with the round one sales.
The property at 11-23 Wyong Rd Tuggerah has been sold to the Central Coast Mariners Football Club.
The club recently revealed a fly-through video for its 2021-2025 vision of the club’s Centre of Excellence expansion in Tuggerah.
The plans include expanding the current site on Bryant Dr to include a 120-room hotel with restaurant and rooftop bar, convention centre and carpark and an 8000sq m office block with a childcare centre and gym.
The land bought from the council is a small parcel of vacant bushland next to the Centre for Excellence. It will be used as a vegetation buffer between their proposed hotel and Wyong Rd.
The sales come as the council launches an online community survey on maintaining its current service levels and extending the 15 per cent rate rise for a further seven years.
Mr Hart said council had done everything it can behind the scenes to help its financial situation and now it was up to the community.
“Our financial recovery is on track, but we cannot become complacent about maintaining our long-term stable financial position” Mr Hart said.
“I am proposing to make an application to the Independent Pricing and Regulatory Tribunal (IPART) to maintain the current level of rates for a further seven years, consistent with what we asked for earlier this year.
“This will allow us to maintain current service levels, continue to find more service efficiencies and pay back loans from surpluses that we must generate according to our agreement with banks.
“I encourage the community to read the information materials, keep an open mind and tell us what services you value that make the Central Coast a great place to live.”
The online survey can be found here.
Join the conversation
New charges: Former life coach denies assaulting teen girls
A former “life coach” has denied sexually and indecently assaulting young teenage girls. It comes as two new victims have come forward prompting further charges, a court has heard.
Read more
Trial date set for truckie involved in fatal crash
A truck driver will face trial almost two years to the day after he was involved in a crash which killed a 17-year-old P-plater and seriously injured a woman, 46.
Read more