20 April 2018
Rate rerelief to stimulate Unley Central.
CITY OF UNLEY SET TO STIMULATE LOCAL ECONOMY WITH RATE REBATES
The City of Unley will introduce rate rebate incentives to encourage mixed-use developments and greater economic activity in the heart of Unley, Unley Central.
In general the Unley Central precinct includes the section of Unley Road from the intersection of Mary and Marion streets to the intersection of Thomas Street and Edmund Avenue.
The Council has endorsed the introduction of an Economic Development Rates Incentive Policy, which will see two types of rebates offered – a developer rebate and a residential rebate.
City of Unley Acting Mayor Peter Hughes said the initiative was in line with Council’s 2033 Community Plan that strived to position Unley as a destination for its enviable lifestyle, environment, business strength and civic leadership.
“This is an example of Council supporting the economic prosperity of the Unley Central precinct. As part of our vision, we want to promote a district that is thriving, growing and attracting new businesses and residents,” A/Mayor Hughes said.
Under the developer rebate incentive, a rebate on general Council rates will be provided to developers during the construction phase of an eligible development for a period of no more than three years.
For the residential rebate incentive, owners who buy a residential apartment off-the plan within an eligible development could receive a 75 per cent rebate on their Council rates for a period of three years from settlement.
Eligible developments must meet the following criteria:
- Be located in the area designated in the City of Unley’s Development Plan as District Centre Zone (i.e. the Unley Central Precinct)
- Be mixed-use with at least 50 per cent residential
- Have a minimum development cost of $10 million
- Be consistent with the guidelines in Council’s Development Plan
The policy also supports the State’s planning strategy – the Greater Adelaide 30 Year Plan – by encouraging population growth with higher density dwellings along main corridors and in key strategic locations.
“This is an excellent opportunity to increase appropriate development in the City of Unley, which has potential to accommodate population growth, create jobs, and improveconsumer choices and services,” A/Mayor Hughes said.
“The short-term cost of providing rate rebates of this nature is far outweighed by the ongoing future rates income that will result from the improved property valuations.”
Property Council SA Executive Director Daniel Gannon welcomed the Unley Council’s proactive approach to attracting investment.
“Higher density living along major arterials like Unley Road is a text book approach to attracting more residents, more businesses, and greater investment. Importantly, we know higher density metropolitan living is popular with consumers and developers.
“Unley Council should be commended for their leadership because it has shown a willingness to innovate by using property tax rebates to encourage economic growth. In providing rates relief to developers during the expensive construction phase, Unley is making its local area an attractive investment proposition.”
For more information about the Economic Development Rates Incentive Policy, please visit unley.sa.gov.au