A Council-owned commercial property at 17 Reynolds Road in Belmont will be auctioned on 9 March 2023.
The City has appointed agents Colliers International to market the property, which is one of four surplus assets earmarked for sale through the Council’s 2022-23 budget.
Colliers successfully auctioned the Civic Centre Car Park in Geelong in December for a price of $22.6 million.
The Reynolds Road property includes a commercially leased ten pin bowling centre, a maternal health centre and car parking.
The City has placed as a condition of sale that the maternal health centre will remain in operation under a lease at the site for 20 years.
The two properties earmarked for sale by the Council this financial year that are still to be listed are:
- Busport Car Park at 30-54 Brougham Street, Geelong; and
- 200 Princes Highway, Corio (containing a KFC).
The community was invited to offer feedback on the proposed sale of all four properties via the City’s 2022-2023 Budget process.
The sale of the Reynolds Road property will be via private auction. Expressions of interest are invited by contacting Colliers International.
Mayor Trent Sullivan
The sale is a continuation of the Council’s plan to reduce debt and raise revenue to fund community facilities.
We are facing a tough economic environment, with huge cost increases in the construction sector impacting our budget.
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.
Deputy Mayor Anthony Aitken – chair of the Finance portfolio
The property has been identified as surplus to the Council’s needs.
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.
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.
Ben Young – Colliers Senior Executive
The property comprises 2,975 square metres of building area with approximately 175 car parks, on a total of 15,605 metres of mixed-used land.
This is a strategic investment opportunity in a thriving location with significant landholding, which presents as an investment with long-term potential for redevelopment.
