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Property sales could breathe new life into suburban areas

The Property Council says selling public sites to the private sector would breathe new life into local communities.

The Property Council wants to see $4.6 billion (£2.6 billion) of publicly owned sites auctioned off to the private sector, saying redevelopment would not only create jobs, but would also encourage investment in the property market and boost infrastructure revenue.

It's so confident of these public sites’ potential that it has released a report which identifies 20 government property assets that are particularly well-suited for redevelopment. In the report, entitled 20 Projects: Victoria’s Best Investment Sites, the Property Council says selling these federal, state and local assets would breathe new life into neighbourhoods across the region.

The report highlights E-Gate, Maribyrnong, Essendon, Ringwood and Frankston, all of which are “highly desired by the private sector and could all be shovel ready within five years”, said the Victorian Property Council executive director, Jennifer Cunich.

Ms Cunich said the revenue raised from the sales would be used to upgrade community infrastructure, so that local residents could benefit greatly from their activation. She added: “At a time when all levels of government are struggling to fund insatiable infrastructure demands, our Report offers a pathway to unlocking unrealised capital.”

Posted by Ravin Chatlani

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