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 OZschwitz Councils becoming landlords, unjustly competing with private sector

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RR Phantom

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OZschwitz Councils becoming landlords, unjustly competing with private sector Vide
PostSubject: OZschwitz Councils becoming landlords, unjustly competing with private sector   OZschwitz Councils becoming landlords, unjustly competing with private sector Icon_minitimeFri Feb 14, 2014 5:10 pm
Several of Melbourne's local councils have become office landlords, snapping up about $54 million of commercial real estate last year.

OZschwitz Councils becoming landlords, unjustly competing with private sector SG_729_Councils-20140214192925341462-620x349

The spike in transactions was due to municipalities expanding, agents said.

Stonnington Council bought 311 Glenferrie Road, Malvern - a 2800-square-metre office building next to Giorgios - for $12.75 million last year, and Cardinia Shire Council bought the Civic Centre on Siding Avenue in Officer for $25 million.

Whittlesea council also recently purchased a 1700-square-metre office building in Epping for $4.2 million, Colliers International's Peter Bremner and Rob Joyes said.
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The vacant building, which was previously a Centrelink office, will be used by the council's staff after settlement, Mr Joyes said.

Read more: http://www.smh.com.au/business/property/councils-becoming-landlords-to-futureproof-against-rising-costs-20140214-32r7e.html#ixzz2tKxFl2jn
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