Adelaide Council Selling Air Rights is a Win For Ratepayers
"Basically selling oxygen"
The city council is set to rake in millions of dollars from selling empty space above buildings it owns across the CBD.
The so-called "air rights" will see developers eyeing off high-rise building projects on council land, pay for the air space.
The “air rights” project up for sale is the ageing UPark station, and the volleyball court on Pirie St, which was recently released from its community land classification.
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This is not the first time council has made a profit from selling the air above council-owned land, it already raked in $28 million for selling space above the Adelaide Central Market Arcade, which will is a part of a $400 million redevelopment plan.
Property Director Tom McCready likened air rights to ‘basically selling oxygen’ above a building site.
It's being touted as a winner for ratepayers, the community, and investors alike.
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