The Civic Centre Car Park on Gheringhap Street has sold at auction for a price of $22.6 million.
Bidding on the 4000 square metre property in central Geelong opened at $16 million, with three bidders taking part in the lead-up to the eventual outcome.
The property is the first of four assets the Council has earmarked for sale as part of its 2022-23 budget, with the proceeds to be used to hep fund facilities and services for the community.
A condition of the sale is that the 500 commercial car parks on the site are retained for a minimum of 10 years.
Mayor Trent Sullivan:
Rising construction costs are placing pressure on the Council's budgets and the funds from this sale will go back into community assets, helping us deliver the facilities needed to support our growing population.A sale of this significance is also pleasing because it shows there is confidence in the business sector about central Geelong's future and long-term economic potential.
The private auction was conducted by agents Colliers International at the City's administrative headquarters, Wurriki Nyal on Wednesday 21 December 2022.
Settlement will take place in June 2023, with all existing shop leases within the property to be honoured.
As part of the sale, the City will retain a space in the car park for its projector for the next 10 years, to enable the City Hall projections program to continue.
