Is this a new Council policy?

Yes. While Council has undertaken various property investment activities in the past, the proposed Policy formalises Council’s approach to these activities. 

Does adoption of the policy change Council’s formal approval process for the purchase, development or disposal of property assets?

No. Any decision by Council to buy, develop or dispose of a property will still require a Confidential Report to be provided to Council for approval.

Do others councils have a property investment policy?

Yes, a number of other councils including Port Stephens Council and Lake Macquarie City Council have policies outlining their approach to property investment.