Borough of Queenscliffe sells $3.5m of “premium coastal land” to be subdivided into 13 lots
A $3.5m parcel of land in Queenscliff will be subdivided into more than a dozen lots, after being sold to a Melbourne-based developer.
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A $3.5m parcel of “premium coastal land” in Queenscliff will be subdivided into more than a dozen lots, after being sold to a Melbourne-based developer.
The Borough of Queenscliffe sold the 9509sq m council-owned site at 61–75 Murray Road to Mantello Holdings on Tuesday afternoon.
The sale was contingent on the land being divided into 13 individual lots, ranging in size from 445sq m to 908sq m.
These lots will be known as The Cove, Queenscliff and offer a “dream coastal home and lifestyle” according to an online listing.
Mayor Isabelle Tolhurst said the sale of the land would help the council “deliver more” for the community.
“This sale bolsters the financial security of Council in a time of rising inflation and an increase to the cost of doing business,” she said.
“The sale will help us deliver more for our community and make investments that serve us for the long-term”
Proceeds from the sale will be directed to retiring debt, invested in projects to generate additional revenue stream or invested in projects to reduce operating expenses.
The sale marks the culmination of a long running goal for the site, with the borough first announcing its intent to sell part of the land in July 2018.
The borough has owned the land since August 1982, with development plans for the site in place since 2008.
The latest modification to the development plan, which occurred in January 2019, responded to community feedback by altering lot access to a single road, thereby preserving the environmental features of the existing swale drain.
The 13 lots are on the market, 2ith prices ranging from $756,000 to more than $1.4m.
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Originally published as Borough of Queenscliffe sells $3.5m of “premium coastal land” to be subdivided into 13 lots
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