Council asset sales hold key to community infrastructure funding

Council asset sales hold key to community infrastructure fundingThe sale of publicly-held assets will create investment opportunities and lead to better community outcomes for the City of Melbourne according to the Property Council of Australia. The latest valuation of the Council’s assets has revealed a property portfolio worth approximately $2 billion. “The City is showing great leadership by putting asset sales on the table,” said Victorian Executive Director of the Property Council Jennifer Cunich. “Asset sales can boost the City’s balance sheet by generating funds for community infrastructure.” “We believe a number of assets owned by the City of Melbourne could be recycled to unlock more public investment funds for the community,” said Ms Cunich. The Property Council has long advocated a state-wide asset recycling agenda to unlock funding for essential community infrastructure investment in Victoria. A report released in 2014, 20 Projects – Victoria’s Best Investment Sites, identified several public assets that could be brought to market to drive growth and economic activity. “Releasing surplus land is a way for governments at all levels to address budgetary constraints at little or no cost. Now that the City has taken stock of its property portfolio, further steps should be taken to explore what opportunities exist for unlocking much needed capital.” Media contact: Asher Judah, Deputy Executive Director, 0499 841 715