Council allocates proceeds from Bruce Street sale
February 23, 2023
At the February meeting, Councillors voted to allocate approximately $800,000 from the sale of Council owned land at Bruce Street, Colac to housing and tourism projects across the shire.
The balance of the proceeds from the sale are to be retained in the Strategic Project Reserve in the 2023 – 24 budget.
Council received $2.6 million (exclusive of GST) for the sale of the property and the land is now progressing towards development for housing.
Mayor Chris Potter said the sale of the Bruce Street land had been a successful result for the Colac Otway community.
“It’s a very positive outcome for the proceeds of the sale of the land at Bruce Street to go toward local projects. We’re really excited to get these key projects off the ground with these funds.”
Council resolved to allocate proceeds from the sale of Bruce Street, Colac- toward:
$120,000 to feasibility of key worker housing development at 69-71 Nelson St, Apollo Bay.
$300,000 to support future strategic land use planning projects that support ongoing supply of residential land.
$500,000 allocation to capital investment in long-term infrastructure at Lake Colac Holiday Park, subject to a commitment from a future lessee to make a matching investment in the park to implement a masterplan to be agreed with Council.
“The funds will assist Council to undertake important projects to address the shortage of residential and key worker housing in the shire,” said Cr Potter.
“A study to review the feasibility of a key worker housing redevelopment of Council’s depot at Nelson Street in Apollo Bay addresses a significant issue in our community. Council will seek an external grant of $360,000 for the total budget required for the study.
“We’ll also have $300,000 to develop strategic planning projects to support opening up additional residential land in the shire.
“Council is yet to decide which specific projects will be delivered as there are a number of opportunities.
“We’re also allocating $500,000 toward infrastructure development at Lake Colac Holiday Park, an exciting investment in the future of the Park given it’s a well-loved destination for visitors to the Colac Otway and contributes to our local economy,’ Cr Potter said.
The balance of the proceeds of the sale of the land will be reviewed in the 2023 – 24 budget processes which happen over coming months.
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