Land sales boost Casey coffers

CASEY Council has sold two adjoining parcels of land occupied by the Casey Lifestyle Centre and Percy Trewin Annexe (PTA) in Narre Warren.
After no submissions were received on the proposal to sell the land, council resolved at a special council meeting to proceed with the sales, in accordance with the agreed contracts.
Council had previously undertaken a public procurement process including an expression of interest process to identify a preferred buyer, with both parcels of land acquired by the same buyer.
JLL Australia negotiated the sales on behalf of council, with the Casey Lifestyle Centre land being sold for $19,775,000 and the PTA site attracting $8,775,000, for a total of $28,550,000.
City of Casey Mayor Sam Aziz said the sale proceeds would go a long way.
“These sales have freed up close to $30 million which council plans to use to reduce council’s borrowings for the construction of Bunjil Place and to secure land for other future community infrastructure,” Cr Aziz said.
“The use of the sale proceeds, as well as the low current market interest rates are expected to reduce the repayment term of these borrowings by up to 10 years.”
Cr Aziz said council audited 3000 of its properties and identified that the land occupied by Casey Lifestyle Centre and PTA were surplus to council’s needs and that market conditions were favourable to sell them.
“With Casey to be home to 490,000 residents by 2041, it is important that council ensures that its assets are invested and best meet the infrastructure needs of our growing community,” Cr Aziz said.
As per a condition of the sale, council’s operations at the PTA will remain there until they are relocated to Bunjil Place in late 2017.