Council owns three adjoining properties in Koroit Street that were purchased between 1990 and 1991 due to the ongoing flood risk posed to their then owners. Council has used these properties for staff accommodation, and in the case of 34 Koroit Street for commercial leases.
Following flood damage and subsequent repairs, the properties have been underutilised and are currently either vacant or occupied by Council staff on a short-term lease.
Council officers recommend that the properties be declared surplus to requirements and sold, with the preferred method being a collective sale as a development opportunity.
This pathway aligns with Council’s strategic objectives by reducing the asset renewal gap, freeing staff from tenancy management responsibilities, reducing compliance risks, and enabling reinvestment of capital into higher-value community outcomes. The proposed sale also supports the local housing market by returning underutilised assets to private ownership.
There have been a number of significant drainage improvements made to the area that have reduced this risk and will minimise the potential for future inundation. Recent flash-flooding after works have been completed has not affected the properties. But despite recent drainage improvements in the area, there remains uncertainty regarding the full extent of their effectiveness due to the absence of a significant storm event to fully test the system.
It is likely that development of the sites which raises the floor level and accommodates any remaining risk, if any, would solve these issues.
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