Property sales provide short term financial boost
Published on 02 June 2025
The sale of several properties in the 2024-25 financial year will result in the generation of $13 million for Council.
The sales are part of the Land Sales Program which was a recommendation from the independent review of Council’s financial position in 2023, to identify the sale of underutilised assets that could help to pay down borrowings and assist in restoring the unrestricted cash balance.
Acting Director City Services, Kevin Norwood said properties sold were considered underutilised and surplus to the needs of Council and community, based on current and potential use.
“This is a good result for Council with the proceeds from the sales helping to improve our financial position,” Mr Norwood said.
“Land valuations were carried out by professional property valuers, with sales managed by independent real estate agents who engaged in competitive sales campaigns to ensure the best price,” he said.
“Next year will see further underutilised land up for sale and this will continue our planned approach to land sales over the next three years.”
Council has banked $8.28 million with $4.72 million proposed to be settled in June.
Land sold to date in 2024-25 include:
- Berry Street, Nowra
- Kean Street, Sanctuary Point
- Cumberland Ave, South Nowra
- Pleasant Way, Nowra
- Lot 3 Green Street, Ulladulla
To be settled in June:
- Lot 4 Green St, Ulladulla
- Cnr Queen Mary St & Parkes Cres, Callala Beach
- Illett Street, Mollymook
- Norfolk Street, South Nowra
- Flinders Stage 11, Industrial land
The two-acre 10 Pleasant Way in Nowra has been known for the site of an Iroquois helicopter which was mounted on a pole. The helicopter was removed in 2023 for maintenance inspection and renovation at the Fleet Air Arm Museum at HMAS Albatross. An easement remains on the title which allows the Navy to reinstall the helicopter to that site if desired.
More information about the Property Sales Program is Council’s website and includes an interactive map of the properties for sale and those to be further investigated and potentially rezoned or reclassified to enable sale. It also includes land suitable for future strategic land use and maintained by Council.