The Asset Recycling initiative is a program led by the federal government that provides incentive payments to states and territories that sell assets and reinvest the sale proceeds to fund infrastructure.
On 17 February 2015, the ACT Government signed an agreement with the Commonwealth Government to sell territory assets as part of the Asset Recycling Initiative.
The ACT was the first Australian jurisdiction to sign a National Partnership Agreement with the Commonwealth Government under its Asset Recycling Initiative.
This means that in addition to the sale price of the asset, the territory receives a 15 per cent bonus payment from the Commonwealth to fund infrastructure projects; in the ACT’s case the incentive payments are used for stage one of the territory’s light rail network.
The Asset Recycling Initiative sites that fall within the City Renewal Precinct are:
Three sites are scheduled for release in 2017/18. These sites include:
Release schedule 2018/19
The remaining Asset Recycling Initiative site, MacArthur House, is scheduled for release in 2018/19. The territory is currently demolishing this building.
The Asset Recycling Initiative sites that fall within the City Renewal Precinct can be seen on the map below:
The ACT Government agreed to sell a number of underused assets, including aging public housing and government buildings. Importantly, there is no overall loss of public housing from the initiative. All of the aging public housing included in the sales program is being replaced with new, modern, sustainable dwellings as part of the ACT Government’s Public Housing Renewal Program.
The release of government land allows for new development that will increase housing options for people wanting to live close to employment centres, entertainment options and world-class public transport.
The Asset Recycling Initiative, along with light rail, is helping to transform Northbourne Avenue into a high-quality urban boulevard befitting its role as the entry to the national capital.The redevelopment of Northbourne Avenue contributes to the City and Gateway Urban Renewal Strategy vision of:
“Enhancing the premier approach to the National Capital by creating a liveable, connected and sustainable city centre and establishing a series of urban villages of distinctive character that represent the values and aspirations of the community.”
The City Renewal Authority is working with the Community Services Directorate, the Environment, Planning and Sustainable Development Directorate and the Suburban Land Agency to deliver the Asset Recycling Initiative program.
The government will continue to inform the community about the progress of the Asset Recycling Initiative program.