Borough completes sale of sought-after Queenscliff land
Published on 01 March 2023
The Borough of Queenscliffe has completed the sale of Council-owned land at 61–75 Murray Road, Queenscliff, with formal settlement occurring yesterday afternoon.
The 9,509m² parcel was sold to Melbourne-based real estate developer Mantello Holdings for $3.5 million. The sale included an approved development plan to allow subdivision into 13 individual lots ranging in size from 445m² to 908m². These lots are now being marketed by the developer as 'The Cove, Queenscliff'.
Queenscliffe Mayor Isabelle Tolhurst said the sale of the land is positive for Council.
"This sale bolsters the financial security of Council in a time of rising inflation and an increase to the cost of doing business. The sale will help us deliver more for our community and make investments that serve us for the long term," Mayor Tolhurst said.
In accordance with the Local Government Act 2020 and Council policy CP044 Sale, Exchange or Transfer of Council Land, the use of proceeds from the sale will be directed to either retiring debt, investing in projects to generate additional revenue streams, or investing in projects to reduce operating expenses.
Council first published a notice of intent to sell part of the land known as 61–75 Murray Road at an Ordinary Meeting of Council in July 2018, having owned it since August 1982. The land has been zoned for residential purposes for the entirety of that period, and development plans for the site have been 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.
Council thanks the RPM Real Estate Group for their cooperation throughout the past four years in facilitating this significant deal.
Image source: Domain