Council Asset Sales

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Council continually reviews its land portfolio to ensure that assets are being optimally utilised in accordance with their intended use, to identify opportunities for greater utilisation of the land and to recommend disposal of the land is surplus to Council’s needs.

General enquires regarding Council property sales can be emailed to property@centralcoast.nsw.gov.au

The following information provides up to date information on the progress of Council’s asset sales.

Updated 31 January 2023

Assets sold

Council has sold $62,618,775 of properties.  This is $13,936,687 over valuation.  The properties were sold either at auction or by private treaty, for not less than the market valuations. Please refer to the table below which provides valuations for each of the properties sold.

Property Address

Lot/DP

Method Of Sale

Settlement Date

Valuation Price

Sale Price

Council Meeting Update

18 Dunvegan Street, Mannering Park

Lot 154 DP 218427

Property sold at auction through an external agent, for not less than the market valuation. 

1/06/2021

$240,000

$240,000

23 November 2021 Ordinary Council Meeting Minutes

44 Springall Ave, Wyongah

Lot 210 DP 26178

Property sold at auction through an external agent, for greater than its market valuation.

2/06/2021

$325,000

$420,000

23 November 2021 Ordinary Council Meeting Minutes

6 Wyndora Ave,

San Remo

Lot 10 DP 1207459

Property sold by private treaty through an external agent, for not less than the market valuation.

4/06/2021

$280,000

$280,000

23 November 2021 Ordinary Council Meeting Minutes

165 Main Road, Toukley

Lot 3 DP 22986

Property sold at auction through an external agent, for greater than its market valuation.

4/06/2021

$530,000

$660,000

23 November 2021 Ordinary Council Meeting Minutes

9 Thompson Street,

Long Jetty

Lot 21 Sec 1 DP 13225

Property sold at auction through an external agent, for not less than the market valuation. 

4/06/2021

$475,000

$475,000

23 November 2021 Ordinary Council Meeting Minutes

3 Bounty Close, Tuggerah*

Lot 2073 DP 1052715

Direct sale to the lessee of 3 Bounty Close, Tuggerah when lessee exercised their option to purchase the land, in line with a market valuation.

21/06/2021

$652,088

$652,000

23 November 2021 Ordinary Council Meeting Minutes

1a Lucca Road, Wyong

Lot 24 DP 1220033

Property sold by expressions of interest through an external agent, for greater than its market valuation.

19/07/2021

$2,500,000

$4,850,000

23 November 2021 Ordinary Council Meeting Minutes

11-23 Wyong Road, Tuggerah

Lots 15-21 DP 25373

Direct sale to the Mariners FC Developments Pty Ltd, for not less than the market valuation.

11/11/2021

$130,000

$130,000

23 November 2021 Ordinary Council Meeting Minutes

Warner Industrial Park - 225 Sparks Road and 671, 689, 701, 725, 749, 781, 791, 811 Hue Hue Road, Jilliby, 2259

Lots 15, 16, 17, 18, 19, 25 and 26 in DP 259530, Lots 4, 6, 7 and 8 in DP 239704

Property sold at auction through an external agent, for greater than its market valuation.

10/12/2021

$19,500,000

$27,031,775

14 December 2021 Ordinary Council Meeting Minutes

Warnervale Town Centre / Hilltop Park - 236 - 260 Hakone Rd, 99, 103, 107 Sparks Rd Woongarrah (now known as 2 Woongarrah Rd, Woongarrah from recent registration)

Lot 1 DP 376264, Lots 54, 55 DP7527, Lot 1 371647, Lot 1 375712, Lots 51, 52 DP 561032, Lot 41 DP 1200210 (now known as Lot 1 DP 1275060 from recent registration)

Property sold by private treaty through an external agent, for greater than its market valuation.

21/2/2022

$14,000,000

$16,000,000

22 March 2022 Ordinary Council Meeting Minutes
15-23 Hely St WyongLots 1-5 Sec 1 DP 3136Direct sale to the Salvation Army, for not less than the market valuation.10/3/2022$4,000,000$4,000,00022 March 2022 Ordinary Council Meeting Minutes
10A Cynthia Street Bateau Bay    Lot 900 DP 786123 Property sold at auction through an external agent, for greater than its market valuation.28/07/2022$550,000$1,830,00026 July 2022 Ordinary Council Meeting Minutes
200, 740, and 1550 Thompson Vale Road DoyalsonLot 762 DP746526, Lots 31-32 DP586913, Lot 78 DP755245Property sold by expressions of interest through an external agent, in line with the market valuation.6/06/2022$5,500,000$5,500,00026 July 2022 Ordinary Council Meeting Minutes

TOTAL VALUE

 

 

 

$48,682,088

$62,068,775

 

* Included in this group of sales is the sale of 3 Bounty Close, Tuggerah, relating to an agreement resolved by the former Wyong Shire Council. The lessee of 3 Bounty Close, Tuggerah exercised its option to purchase the land and Council sold this property in line with a market valuation.

Updated 16 August 2022

Assets under contract

Council has a number of properties under contract of sale. For commercial in confidence reasons we are unable to supply financial details or proposed settlement dates for these sites. 

Property Address

Lot/DP

Council Resolution to Sell

Method of Sale

Agents Details 

49-51, 53, 55-57, 73-75 Mann Street Gosford, and 126 Georgiana Terrace, Gosford

Lot 1 DP564021

Lot 1 DP251476

Lot 3 DP129268

Lot 2 DP129268

Lot 1 DP129268

Lot B DP321076

Lot 2 DP543135

Lot 454 DP727721

14 December 2021 Ordinary Council Meeting Minutes

Memorandum of Understanding with TAFE NSW and Landcom for a direct sale to these entities

N/A

2A Stornaway Cr Berkeley ValeLot 17 DP 262327Meeting 13/04/2016 Resolution #356-361/16Public AuctionCapital One - 14 Pacific Highway Wyong NSW 2259
82 & 84 Yarram Road, Bensville Lot 41 & 42 Sec E DP 611327 July 2021 Ordinary Council Meeting MinutesPublic Auction Ray White Bensville - 5/32-34 Kallaroo Rd, Bensville NSW 2251
50 Akora Road, Wyoming Lot 2 DP 78944027 July 2021 Ordinary Council Meeting MinutesPublic Auction Raine & Horne - Gosford / East Gosford

Updated 17 March 2023

Assets for sale

The table below provides details of the Council properties currently available for sale. Should you wish to know more about any property listed please contact the relevant agents or search the common real estate listing websites.  

Property Address

Lot/DP

Council Resolution to Sell

Method of Sale

Agents Details

14 Elsiemer Street, Long Jetty

Lot 150 DP 519032

27 July 2021 Ordinary Council Meeting Minutes

Public auction

Di Jones Agency - 7 Campbell Crescent Terrigal - www.dijones.com.au

Updated 17 March 2023

Assets being prepared for market

Council has a number of properties being prepared for sale at various stages of the sales process. The table below provides a status update on each of the properties:

Property Address

Lot/DP

Council Resolution to Sell

Proposed Method of Sale

Current Status

11 Church Street, Wyong, 2W Rankens Street, Wyong

Lots 1-4 DP 421613, Lot 4 DP 659489

27 July 2021 Ordinary Council Meeting Minutes

Competitive Sales Process  for not less than the market value as determined by an independent valuer

Preparing Contract of Sale

435 Bushells Ridge Road, Bushells Ridge

Lot 192 DP 1032847

27 July 2021 Ordinary Council Meeting Minutes

Competitive Sales Process  for not less than the market value as determined by an independent valuer

Preparing Contract of Sale

3 Albert Street East Gosford

Lot 9 DP 819624

27 July 2021 Ordinary Council Meeting Minutes

 

Direct sale to the St. Joseph's Catholic College for not less than market value as determined by an independent valuer.

Ready for sale process

1 Austin Butler Acc Woy Woy

Part Lot 9 in DP 235385)

27 July 2021 Ordinary Council Meeting Minutes

Direct sale to the Peninsula Plaza for not less than the market value as determined by an independent valuer

Preparing Deed of Option

8 & 10 Bay Village Road, Bateau Bay

Lot 51 DP 1154778, Lot 2 DP 1154356

27 July 2021 Ordinary Council Meeting Minutes

Direct sale once a new library facility is established, which is of an equal or better standard than the current library facility within the Bateau Bay Square shopping centre,.

Preparing Contract of Sale

10W Woodcutters Road, Woongarah

Lot 32 DP 1044070

27 July 2021 Ordinary Council Meeting Minutes

Direct sale to the adjoining neighbour for not less than the market value as determined by an independent valuer

Preparing Deed of Option

17 Rankens Court, Wyong

Lot 15 DP 656584

27 July 2021 Ordinary Council Meeting Minutes

Competitive Sales Process  for not less than the market value as determined by an independent valuer

Preparing Deed of Option

191 Wallarah Road, Kanwal

Lot 21 DP 813270

27 July 2021 Ordinary Council Meeting Minutes

Direct sale to the Wyong Rugby League Club Group for not less than the market value as determined by an independent valuer

Awaiting Deed of Option

2-4 Park Road, The Entrance

Part Lot 1 DP 180642 and Part Lot 1 DP 406038

27 July 2021 Ordinary Council Meeting Minutes

Direct sale to the The Mingara Leisure Group for not less than the market value as determined by an independent valuer

Preparing Deed of Option

4 & 6 Tyrrell Place, Killarney Vale

Lot 478 & 479 DP 704452

27 July 2021 Ordinary Council Meeting Minutes

Competitive Sales Process  for not less than the market value as determined by an independent valuer

Under Further Review

48W Wallarah Road, Gorokan

Lot 2 DP733448

27 July 2021 Ordinary Council Meeting Minutes

Direct sale to the Wyong Rugby League Club Group for not less than the market value as determined by an independent valuer

Preparing Deed of Option

75 Bungary Road, Norah Head

Lot 1 DP 860696, Lot 5 Sec 24 DP 758779

27 July 2021 Ordinary Council Meeting Minutes

Competitive Sales Process for not less than the market value as determined by an independent valuer and only once construction has commenced on a new community facility in a new location within Norah Head, including the relocation of the existing playground structure.

Researching alternate sites for new hall

9-15 Yaralla Road, Toukley

Lots 76-79 DP 20493

27 July 2021 Ordinary Council Meeting Minutes

 

Sold directly to a community housing provider for not less than market value as determined by an independent valuer

With community housing team

10 Terama Place, GosfordLot 10 DP 238540Meeting 8/09/2015 Resolution #SF.33 (Hyperlink not available)Sold in accordance with Council's :and/Property Transactions PolicyPreparing for sale
10 Macleay Avenue, Woy WoyLot 1162 DP 1018769Meeting 8/09/2015 Resolution #SF.33 (Hyperlink not available)Sold in accordance with Council's :and/Property Transactions PolicyPreparing for sale

Updated 24 November 2022

Selection of Real Estate Agents

The Property Portfolio that may be offered for sale is estimated at a value exceeding $60M. This level of activity will result in significant opportunities for both local and national agencies, hence it is imperative that Council is able to demonstrate the engagement of sales services adhere to legislative policy and best practice principles. 

In December 2020 Central Coast Council sought to form a panel of suitably qualified licensed real estate agencies to act on its behalf in the sale of Real Property Assets. A Request For Proposal (RFP) was issued to the market for this purpose between 1 December and 22 December 2020. 

A number of RFP responses were received and evaluated with a panel of six licensed real estate agencies established for a period of 3 (three) years with the option to extend the term of the Panel arrangement for an additional two year (1+1) period.

For larger commercial sites Council reserves the right to engage the services of suitably qualified specialised licensed real estate agencies to act on its behalf. This process would be completed via a separate tendering process in accordance with Council’s procurement policies and guidelines. 
 


Asset sale FAQs

Why is Council selling assets?

The sale of Council assets is crucial to deliver much needed capital to improve Council’s financial position, provide assurance to our lenders and to support the ongoing sustainability of Council and the services we provide to the community. 

Where are the properties located?

Properties are located across the Coast in various locations. 

What would be the process for Council to sell any of its land?

In undertaking this review of surplus land, Central Coast Council will take into consideration the social, environmental and operational purposes for which Council held this land and which land needs to be retained for the exercise of the functions of Council.

As part of this review process for each nominated group of properties, Council also:

  • undertakes a review of the sites against Council resolutions and historical records
  • ensures the retention of ownership of land that is needed for its current and future service delivery
  • ensures that any sale would not contravene legislative requirements, such as land that had been dedicated to Council
  • consults with internal and external stakeholders affected by the sale of the assets.

The properties that progress to be sold are ones that are not serving the community any purpose in their current use but will provide an enormous benefit by helping Council to gain a better financial position.

Any land assessed as being surplus to Council’s needs requires a Council resolution to approve the sale.  Noting that some properties have already undertaken this process, as was the case with the former Wyong Shire LGA properties in Tranche 2 sale listings.

Prior to going to Council the Independent Advisory Group reviews the asset sales program.

Once a resolution has been made, Council would then go through a competitive sales process in an open market tender to achieve the best possible return on any transaction. 

How do you decide what to sell?

Property being considered for sale is assessed against Council’s Community Strategic Plan, strategic planning issues as well as whether the property could be better utilised or its potential better realised by the private sector. For instance, some of the asset sales are also expected to provide additional benefits for our region and the community, such as local jobs and a boost to the economy, due to the planned land use and zoning. Due diligence and a sound strategic approach have been undertaken in the asset sale program to ensure the best short and longer term outcomes are achieved for Council, the region and the community.

Does Council own land like any other person or private entity?

Central Coast Council is responsible for the care, control and management of land and facilities for a variety of purposes relevant to the current and future needs of the community it serves. Much of this land Council manages on behalf of the NSW Government (Crown Lands) for the benefit of the Central Coast community. The majority of Council’s land holdings are classified as community land, including our beaches, parks and reserves. Council is also responsible for operational classified land which includes its administration buildings, depots, and commercial holdings. How Council land is acquired and classified is undertaken pursuant to the Local Government Act 1993 and other relevant land legislation. 

Is the process independent?

The evaluation process has included the review of proposed sites against Council resolutions and historical records; ensuring that Council retains ownership of land that is needed for its current and future service delivery, that any sale would not contravene legislative requirements, consultation with internal and external stakeholders affected by the disposal of these assets, and consultation and discussion with the an independent Property Advisory Committee.

How is the value of the properties being determined?

Properties are either being sold through a competitive sales and marketing campaign to ensure the best sale price or in the case of direct sales with a proposed buyer, properties are sold for no less than the market value, which will determined by an independent valuer.

With the proposed sale of all lands associated with the Cultural Precinct proposal does this mean that Council has now abandoned any plans for a Regional Performing Arts Centre in Gosford?

On 25 September 2019 Council resolved to withdraw from any further work on the Gosford Cultural Precinct and proceed with a stand-alone Regional Library. Council is reviewing plans for a Regional Performing Arts Centre (RPACC). The sale of the lands in the Gosford CBD does not mean that the RPACC will not proceed, but rather that the RPACC will not be developed on any of the land previously identified for the Cultural Precinct. Other locations will now need to be considered.

Is the Regional Library going ahead?

Yes the Regional Library is going ahead. No properties identified in the land sale are associated with that project. Find out more information on the Regional Library.

Council is proposing to sell land that contains demountable rooms which the Conservatorium currently lease from Council.

How much land is Council selling overall?

Council manages approximately 7,000 parcels of land; noting though, that any one park or reserve could be made up of several individual land parcels. However, it must be stressed that Council is only considering selling 1% of its property portfolio.  

What does the sale of the Gosford Administration Building mean for Council staff and the community? Will Council have a presence in Gosford after this sale?

The Gosford Regional Library is proceeding and it has always been part of the plans to relocate Council’s Customer Service to the new Library. So the community will be able to access Council services at the Regional Library when it is complete. In relation to staff, the sale has been considered due to the 95% reduction in occupancy rates from pre-COVID levels attributed to remote and flexible working arrangements. The yet to be adopted draft Accommodation Strategy, also considered the sale of the Gosford Administration building due to these reduced occupancy rates as well as the forecast that post-COVID occupancy may be reduced to 50% of pre-COVID levels.

What is the process for selling the sites? Does each sale have to come back to Council to be endorsed?

Once Council has resolved to sell any property, the Chief Executive Officer (CEO) is authorised to finalise the terms of the sale in accordance with the Land Transaction Policy adopted by Council. The properties will either require an independent valuation or to be sold for not less than Council previously paid for the sites. The properties will be listed with agents and competitively marketed for the highest market price. The terms of the sales do not need any further Council resolution as long as they sell for more than the independent valuation or sell for more than Council previously paid for the sites.

How much does Council expect to get from these asset sales?

These properties have been identified as they are likely to attract interest and a positive financial return for Council. While it is hard to estimate final sale’s price on the complete tranche at this time, Council will only be selling for market value and with that expectation it is expected to improve Council’s financial position by at least $50M.

What happens if no one wants to buy some or all the sites and we waste more money trying to sell them?

The majority of the costs associated with the sale of commercial land is payable upon settlement, so the risk for additional costs in this process is negligible. Council is already receiving strong inquiry from the private sector and is confident of a positive outcome with a lot of these sites put forward for sale.

What is an independent Property Advisory Committee and their function in the process?

Council has engaged with independent property development experts Michael Filo and Steve Rowe to execute the functions of the independent Property Advisory Committee.  Their function is to provide an independent panel to review asset sales program prior to going to Council, review and advise on conditional sales for commercial and industrial sales and to review opportunities and advise Council on potential highest and best use analysis to ensure Council is receiving value for the sale. They have also ensured that adequate probity measures around any direct sale are considered in evaluating the terms of the sale. 

Restricted funds

What are the different types of assets held by Councils?

As trustees of public monies, NSW local Councils are regulated on the ways in which they can invest and use their funds, as well as how they report their finances. This is governed by the Local Government Code of Accounting Practice and Financial Reporting and Local Government Act 1993.

Not all funds can be used for day to day operations. Certain types of funds, known as restricted assets or funds, can only be used by Councils for specific purposes.

Funds that are held by local Councils in NSW fall into three categories:

  • internal restricted assets,
  • external restricted assets and
  • unrestricted assets.

The category that funds or assets fall into will determine how they can be used by a Council.

What are restricted assets?

Restricted assets refer to funds that are kept restricted as they are either subject to some form of external legal or contractual obligation or are kept to cover Council commitments that are expected to arise in the future. This means that they cannot be used for general purpose.

Restricted assets may have conditions attached to them, meaning that Councils can only use those assets for a specific purpose.

There are two types of restricted assets - internal restricted assets and external restricted assets.

External restricted assets

External restricted assets are assets affected by legislation or other external requirements, such as contracts.

External restricted assets can include:

  • Specific purpose grants
  • Development contributions
  • Water Supply Fund
  • Sewerage Fund
  • Domestic Waste Management
  • Stormwater Funds

Internal restricted assets

Internal restricted assets are assets which have been restricted for a specific purpose by a resolution of Council.

Internal restricted assets can include but is not limited to:

  • Employee leave entitlements
  • Plant replacement reserve
  • Carry over works for uncompleted projects
  • Building and infrastructure reserves
  • Bonds and retentions
  • Gravel pit and rubbish tip restoration reserves

What are unrestricted assets?

Unrestricted assets are all other assets held by Council. These are funds that Councils can use at their discretion in order to meet daily business liquidity requirements.

Councils are expected to have a suitable quantity of cash on hand to operate efficiently by covering non-budgeted expenditure and short-term cash flow requirements to fund capital works projects.

To meet operational needs, Councils with low unrestricted funds may need to:

  • borrow funds
  • seek approval to use externally restricted funds
  • look at ways to reduce expenditure or seek revenue from other sources.

Can a Council use restricted assets for purposes outside the prescribed purpose?

If a Council would like to use external restricted assets for a reason other than their prescribed purpose, the Council must seek approval from the Minister for Local Government. This is a requirement under the Local Government Act 1993.

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Last updated : Thu 24 Nov 2022