BAYSWATER city council has banked $22.35 million after selling 40.5 hectares in Brabham.
Around 30 attended the auction last week with Cedar Woods Properties lodging the winning bid. The council’s reserve was $20m.
Councillors had been split over whether to sell the land, with some arguing they could make more by waiting for prices to improve.
But with council amalgamations looming, most voted to cash in their chips.
The land had cost the council around $50,000 a year in rates payments to Swan council.
Mayor Terry Kenyon hinted some of the windfall may go towards a Bayswater community centre and retirement home.
“Council is considering the best use of those funds, including the city’s reserve accounts and future infrastructure development,” he told the Voice. “The city is undertaking a masterplan for the redevelopment of the Les Hansman Centre and the Mertome Village upgrade.”
The council bought the land 30 years ago for sand mining.
by STEPHEN POLLOCK