Carpark sale to fund infrastructure

⁠⁠⁠The City of Greater Geelong will use proceeds from the sale of the Civic Car Park at 21 Gheringhap Street to deliver new and upgraded assets across the municipality.

Spanning more than 4000 square metres, the strategic property in the heart of Geelong’s CBD is advertised for auction through Colliers and is expected to attract interest from the commercial property sector.

Residents were previously invited to provide feedback on the proposed sale through Council’s 2022-23 Budget, Rating and Revenue Plan.

The Civic Car Park was built in the 1970s and features 503 commercial car parks and four retail stores.

The sale includes a purchase condition that ensures commercial car parking - and the existing number of car spaces - is retained for a minimum of 10 years.

The Civic Carpark is one of four land holdings that are not in the council’s long-term plans and will be sold.

Busport Car Park at 30-54 Brougham St, Geelong

17 Reynolds Road in Belmont (containing a Tenpin bowling centre with a commercial lease; a maternal health centre run by the City, and car parking)

200 Princes Highway, Corio (containing a KFC).

The property sales are a means to transfer capital from assets the council does not need to own, to invest in new community assets and repay and reduce future borrowings.

Council raised $32 million in recent years by selling other surplus sites such as the Old Geelong Gaol and the Old Geelong Post Office.

The sale will be held by private auction at midday on Wednesday 21 December. Interested buyers are advised to contact Colliers.