THE former site of the Port Fairy Kindergarten on Bank Street has sold for a whopping $1.35 million.
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The vacant land was purchased by a “consortium of local business people,” a Moyne Shire Council report says.
The winning tender was $750,000 above the original budgeted amount.
“It is noted that land values in Port Fairy have increased significantly since the original budget was set approximately six years ago,” the council report said.
The sale was formalised at Tuesday’s monthly meeting, with councillor Jill Parker saying it was great news for the town.
“It certainly sold well above the valuation,” she said.
“It was agreed to be sold by expressions of interest and that’s the path we went down, not everyone agrees with that, but that’s what we did.
“It is really good.”
Cr Parker said the proceeds of the sale would be invested back into Port Fairy and other parts of the shire.
“It’s a win-win,” she said.
“I’m not sure about the future plans for the site.
“We are pleased it went to locals and not an international group.
“It’s right in the centre of town, it’s ideal for whoever bought it to really make a mark.”
The report said tenders for the purchase of the land were invited and closed on December 10.
“Two tenders were received, the highest being $1.35 million (plus GST) received from a consortium of local business persons,” it said.
In June the council delegated the chief executive officer to authorise the sale of the land providing the offer was above valuation.
New chief Bill Millard executed the sale agreement on December 11.