Hobart council buys office
Clarence City Council is paying $23.5 million for a Rosny Park office leased to the state government.
The deal for the Mines or Mineral Resources Australia Building at 30 Gordons Hill Road, funded through cash reserves, will contribute income for the group to spend on local initiatives.
On 1.33 hectares zoned Central Business in the Clarence CBD, it also offers repositioning upside with a community hub or civic precinct expected to form part of a development business case.
The government is on a lease expiring 2026 for Minerals Resources Tasmania.
Another council buys income
The deal comes five weeks since we reported the City of Newcastle bought a Wollongong medical centre from Barwon Investment Partners for its Newcastle Council Future Fund, which also aims to us revenue on council initiatives.
Not long earlier, that council also acquired a Taree Bunnings for that trust.
The City of Gold Coast meanwhile recently snapped up the balance it didn’t control of the spectacularly located Gold Coast Corporate Centre at Bundall.
In Victoria, Albury Council bought an ex-paper mill from Visy last month, for water supply instead of income.
The Gordons Hill Rd property previously traded in 1988 for $5.25m.
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