Reynolds Rd, Belmont council site auction, maternal health centre lease to continue for 20 years

The offloading of council assets to raise money for community projects continues with a Reynolds Rd site to go under the hammer.

Geelong council's Reynolds Rd site. Picture: Colliers

A 15,600 sqm block at Belmont owned by Geelong council is due to be offloaded next month when it goes under the hammer.

The Reynolds Rd property, opposite the Belmont Bowls Club and next to genU’s headquarters, is the latest council asset to be sold off as the organisation seeks to reduce debt.

A condition of sale will be that a maternal health centre, which runs at the site, continues its lease at the site for 20 years.

Geelong council corporate services director Bryce Prosser said: “There is no condition of sale relating to the bowling centre (on the site). There is an existing lease that would transfer to the new owner, and they would then have the decision on the centre’s long-term future.”

The block, which generates an annual income of about $195,000, will be privately auctioned at noon on March 9 by commercial real estate agent Colliers.

Colliers senior executive Ben Young said: “This is a strategic investment opportunity in a thriving location with significant landholding, which presents as an investment with long-term potential for redevelopment.”

The Reynolds Rd property contains about 2975 sqm of buildings and 175 car park spaces.

Geelong council Mayor Trent Sullivan said the sale would raise revenue to fund community facilities.

“We are facing a tough economic environment, with huge cost increases in the construction sector impacting our budget,” Mr Sullivan said.

“These sales form an important piece of our affordability in our long-term budget planning, and will help us to provide improved community infrastructure for our growing population.”

Geelong council Deputy Mayor Anthony Aitken said the property was not needed by council.

“It makes sense for us to sell this non-core property to help us remain financially sustainable and invest in other facilities that we have identified as a higher priority for the community,” Mr Aitken said.

“We recognise that a maternal health centre exists on the sale site and plays an important role in the local community – a condition of sale will provide certainty for that service for the next 20 years.”

In December Colliers auctioned council’s civic centre car park at the Corner of Gheringhap St and Little Malop St, Geelong for $22.6m.

Council is due to offload the Busport Car Park at 30-54 Brougham St, Geelong and

200 Princes Hwy, Corio under a process outlines in its 2022-23 budget.

Originally published as Reynolds Rd, Belmont council site auction, maternal health centre lease to continue for 20 years