The City of Cockburn’s first joint venture development is expected to deliver the city a new $6 million library at Cockburn Central and a share of the project’s profits.
Subject to council approval in January, the city will buy a 4,646 square metre lot opposite the new Cockburn central railway station from LandCorp for $2.12 million.
A business plan released by council last month reveals the library will anchor a mixed-use development of up to eight storeys, valued between $50 million and $60 million, with approximately 80 residential units above commercial and retail space.
Mayor Stephen Lee said the joint venture with Castelli Group’s Combined Equity Pty Ltd was a good result and council would like to start construction as soon as possible.
He suggested the joint venture was a clever corporate mechanism that all councils should pursue when seeking new civic infrastructure.
“We’ll walk away with $1 million and get a library too. It will deliver maximum benefit at minimal cost to the community,” Mr Lee said.
It is proposed the city will transfer the land to Combined Equity, the value of which will be included as a portion of the city’s contribution to the joint venture development. On completion of the project, about 3,000sq m of strata titled library and office space will be transferred to the city.
The 12-hectare Cockburn Central town centre is located on Beeliar Drive and is set to become a major public transport node in the south-west metropolitan region when train services begin in July 2007.
Civil works for stage one are nearing completion and building works are expected to commence in mid-2007, with the first sales expected in 2008.
