The report, tabled at last week’s Council meeting, provides an overview of the key achievements and progress made to the end of February 2023.
The final major freeholding stage of the project was completed last month, with 65 properties settling for $3.7m. Cumulative settlements as of the end of February totalled 365 sites with a combined value of $26.8m. The amount held in secured bank accounts is $16.2m.
“The long-awaited dream of freeholding land and delivering key infrastructure at Fisherman Bay is now a reality,” Barunga West Council CEO Maree Wauchope said.
“The approach adopted by Fisherman Bay Management (FBM) and Council gives Council effective control over the sale proceeds, which provides purchasers of the properties confidence that the infrastructure is appropriately funded and will be delivered.
“The project has exceeded expectations, providing a significant boost to the local economy while also progressing important infrastructure projects.”
The key goal of the development is to give people the opportunity to acquire freehold title of their allotment, providing secured tenure and confidence to develop and upgrade their buildings if they wish.
Infrastructure construction activity continues to ramp up and is generally progressing satisfactorily, with minor cost variations of $175,000. The report notes a potential significant claim looming on the wastewater collection system, which is being monitored closely.
The report notes ongoing COVID-related supply chain issues may impact delivery of the project from a time and possibly cost perspective, and that infrastructure service clashes are being resolved with Telstra, NBN, water services and SA Power Networks.
Council has sought community feedback on critical planning issues, such as beach access, traffic management, road access, and amenities, and received 86 responses to its survey. A report on the feedback is being prepared and will be presented to Council in April.