Proposed Ground Lease - Marine Discovery Building

Published on Tuesday, 15 October 2024 at 11:05:37 AM

Public Notice Under the Local Government Act 1995 

Proposed Ground Lease

Marine Discovery Buidling

Potion Lot 501, 12 Foreshore Parade Busselton

Part Reserve 38558 

PUBLIC NOTICE that the City has received a proposal and is considering disposing of this property, by way of lease, made under the Local Government Act 1995, Section 3.58 (3) and (4):

1. Description of Property: Portion Lot 501, DP 402933, 12 Foreshore Parade Busselton, Reserve 38558

2. Details of Disposition:

1. Tenant: Busselton Jetty Inc. ABN 87 307 179 949
2. Consideration: Rent (excluding GST and outgoings)
   • Year 1 $100.00
   • Year 2 $15,000.00
   • Year 3 $33,000.00
   • Year 4 and onwards CPI rent reviews on each anniversary with market rent reviews every 5 years.
3. Lease Term: minimum 21 years with maximum 42 years, commencing no later than 30 June 2025
4. Market Rent Value: $33,000.00 per annum (exclusive of GST and outgoings) valuation dated 5 August 2024. 

Submissions are invited in relation to the proposed disposition, to be made in writing to the City of Busselton, Locked Bag 1, Busselton WA 6280 by close of business on 6 November 2024.

For detailed information about the proposal and the State Government Funding for this project see agenda item of Council meeting dated 16 October 2024.