Civic Triangle Sale
How much profit is the City expected to make from the sale of the Civic Triangle to Finbar Group?
The City has sold the South Perth Civic Triangle site to Finbar Group Limited for $27,310,000 plus GST.
The Mayor and Acting Chief Executive Officer signed the contract of sale on Monday 11 August 2014. Settlement will be finalised on 10 September 2014 (which is 30 days after the contract execution).
What will be done with this money? Where will it be allocated?
The proceeds of the sale will be used to fund the following projects within South Perth over a ten year period:
The Manning Community Hub Development
The EJ Oval Redevelopment
The George Burnett Leisure Centre Expansion
The Old Mill Project Stage 1 (Millers Pool)
The Manning Library Expansion (Bridge Club relocation)
The Mend Street Upgrade
These projects address key themes in community priorities, identified in consultation for the City of South Perth’s Strategic Plan 2010-2015, such as creating opportunities for a safe, active and connected community.
Has the City received development plans?
Finbar plans to submit a Development Application early next year. Construction is to commence within the next two years, with estimated completion by December 2018.
When is it expected the development plans will go to council?
The Development Application will not be considered by Council, rather by a Development Assessment Panel because of the high value of the development. This will be considered in the first half of 2015.
Will the old police station and post office stay on the site? Why?
Yes. The police station and post office are part of the site, and both are protected by Heritage Memorial status.
The post office is owned by the Australian Postal Commission, and not part of the redevelopment.
Will they be affected by construction works? Is there guidelines that need to be followed so they don’t get damaged?
The City entered into a Heritage Agreement with the Heritage Council for the police station prior to the sale of the Civic Triangle.
The purchaser must comply with this agreement, and seek approval for any works commenced to the building.
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