Asset sales net $55M but details stay secret

Central Coast Council’s Gosford Chambers

Central Coast Council has so far amassed $55M in its asset sales program, but residents won’t be privy to just what has been sold and for how much until July next year.

Administrator Rik Hart said $55M had so far been achieved under the three tranches of asset sales instituted in efforts to mitigate some of Council’s huge debt, with some sales completed and others under contract but not yet settled.

“It is an ongoing process and whilst under contract, settlement of (some of these sales) will take a lot longer than for your average house,” he said.

“With some sales not yet settled, we are not proposing to release any details.”

Hart said Council would not take a “piecemeal” approach by releasing details of some sales while others awaited settlement.

“All sales are scheduled to be completed by the end of the financial year and a report will go to Council at that time,” he said.

The report will be available to the public at that time, Hart said.

He confirmed an environmentally sensitive parcel of Doyalson land was among the sales.

Terry Collins