Victoria puts surplus real estate online

Australian Financial Review
Michael Bleby
Wednesday, 23 July 2014

Ten road reserves, primary schools in Eumemmerring and Norlane and a horse stable feature in a new ­catalogue of Victorian land being marketed for sale online, as the state government seeks revenues of about $200 million from the sale of surplus land to plough back into infrastructure development.

In 2010, the state government began an audit to determine which of the ­estimated 70,000 sites it owns could be put up for sale. It has not released the results, but the Property Council of Australia (PCA) says the government should sell more land than it is doing.

“This is a great start, but there are billions’ worth of other assets that could be released to super-charge the economy,” PCA’s Victoria deputy executive director, Asher Judah, said on Wednesday.

Please click here to download the full article.

The PCA last year published a list of 20 property assets it said the government could immediately bring to market to boost revenue.

One of these, the 20-hectare E-Gate site north of Footscray Road, sits two kilometres west of the central business district and is being used as a rail yard and storage facility. Major Projects Victoria has commenced business planning to develop the site, which the PCA says could house 10,000 people.

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MacroPlan undertook  research on behalf of the PCA, acknowledging the driving force of property in the Victorian economy. The research paper identified opportunities for the State and Local Governments to act upon to stimulate the state’s economy without spending.

The assessment identified a list of government sites that would be attractive to the private market and are currently either surplus or underutilised. The sale of these assets could underpin the State Governments economic stimulus for Victoria.

Please click here to download the full project summary.

About MacroPlan:
MacroPlan’s experienced and qualified economists align their understanding of macro-economic forces with micro-economic variables such as geographic and industrial characteristics, demographics, labour market shifts, resource demand and commercial realities.  Contact David Brown, General Manager – Victoria today to discuss your property research requirements.

David Brown
General Manager – Victoria
E: brown@macroplan.com.au
P: 03 9600 0500
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