Shire buys up

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Shire buys up

Well bought: Alex Scott and Staff auctioneer, Greg Price (right), congratulates Mayor Cr Jim Fawcett, as Andrew Newton from Alex Scott”s Leongatha office looks pleased with the big sale.

By Tony Giles
SOUTH Gippsland Shire Council was the successful bidder at last Friday’s auction of the Carino’s Complex in Leongatha, paying $1.4 million to buy back some of the facility it sold in 2000.
Mayor Cr Jim Fawcett attended the auction and admitted to The Star he was watching nervously as the bidding started at $1 million.
The opening bid was pushed along with three competing bidders accelerating the price up in $50,000 amounts before it was knocked down to the council.
“Council has effectively re-purchased some of the property it sold in 2000. When we sold that land it allowed us to pick up the Dakers Centre, and build SG Splash including the dual basketball courts,” Cr Fawcett said.
“In turn the new cinema was built, which has provided terrific entertainment for the district for the past 10 years.
“The council was of the view we should be an owner occupier. We now own all the land at the front and back of the complex including parking, and I believe the purchase fits in nicely with existing ownership and uses.”
Cr Fawcett said the leases to existing tenants including Curves ladies gym and Carino’s restaurant would be honoured.
The complex is situated adjacent to Stadium 4 Cinemas and currently has four independent leases in place.
Its close proximity to existing council offices provides realistic options for future office accommodation requirements, or for alternative development.
It also adds to the land already held by council (car parking areas) at the front and rear of the building.
“We are already the anchor tenant in the complex, with about 30 staff accommodated there, and this will give us some surety for the future, providing us with an immediate and cost effective accommodation solution,” Cr Fawcett said.
“As other leases in the complex are relinquished over time, we will have the flexibility to review our needs and respond accordingly. In short it gives us effective long term control over the property and our central location.
“Financially it is a far better option for accommodating staff than adding another floor on the main office or starting from scratch to build new offices in a new location. It also has long term development potential should the opportunity arise.”
The mayor said that it was also important to keep council offices easily accessible to residents, criteria which this location meets.
“Opportunities to secure such a strategically located property in the Leongatha CBD are rare, and so we responded accordingly,” Cr Fawcett said.
Auctioneer Greg Price from selling agents, Alex Scott and Staff, told The Star it was “a great vote of confidence for this area.”
“It was a hotly contested auction with tremendous interest from this region and throughout the state,” he said.
“Leongatha is firmly on the radar of buyers as a place to invest in. It is a safe town to invest in, with continued growth.”

Short URL: http://www.thestar.com.au/?p=226

Posted by SiteAdmin on Jul 27 2010. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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