Goulburn Mulwaree Council has had success in the auctions today, with the approved Hovell Street subdivision being sold for $4,480,000. Council's former depot in Sloane Street was not sold, and was passed in at $525,000.
Council in May chose to sell the land at auction rather than undertaking the development in-house, after an approval for a 29 lot residential subdivision of 1000 square metre blocks was achieved for the site.
Mayor Bob Kirk said he was pleasantly surprised by the Hovell Street sale, which achieved a price well above the reserve set.
"The sale highlights just how strong the demand is for land in our region at the moment, and in opinion vindicates Council's decision to take the land to auction rather than taking the risk as the lead developer.
"This is a great result for our community, with the sale proceeds to be utilised for redevelopment of the Goulburn Aquatic & Leisure Centre redevelopment. Being able to achieve a price of just under $4.5 million is very positive for our bottom line."
The land at 49-61 Hovell Street is 4.65 hectares in size, and will need roads, kerb and guttering, stormwater, footpath and utilities completed prior to being able to be sold. Independent valuations of the subdivision estimated each lot would obtain between $240,000 - $290,000 when sold.
An expression of interest process was undertaken by Council in order to choose the real estate agent for auction, with LJ Hooker Goulburn being the successful applicant.
A report will now go back to Council in August, seeking permission for the General Manager to enter into negotiations with interested parties who bid on the Sloane Street property.
