Hovell Street subdivision sold at auction

Published on 06 August 2021

Goulburn Mulwaree Council has had success in the auctions today, with the approved Hovell Street subdivision being sold for $4,480,000. Council’s former depot in Sloane Street was not sold, and was passed in at $525,000.

Council in May chose to sell the land at auction rather than undertaking the development in-house, after an approval for a 29 lot residential subdivision of 1000 square metre blocks was achieved for the site.

Mayor Bob Kirk said he was pleasantly surprised by the Hovell Street sale, which achieved a price well above the reserve set.

“The sale highlights just how strong the demand is for land in our region at the moment, and in our opinion vindicates Council’s decision to take the land to auction rather than taking the risk as the lead developer. The property was sold to Sydney developers which shows the confidence there is in the Goulburn market.

“This is a great result for our community, with the sale proceeds to be utilised for redevelopment of the Goulburn Aquatic & Leisure Centre redevelopment. Being able to achieve a price of just under $4.5 million is very positive for our bottom line.”

A report will now go back to Council in August, seeking permission for the General Manager to enter into negotiations with interested parties who bid on the Sloane Street property.