Wheels and roundabouts for council rate revenue

By Alison Kinkade

A revaluation of Harbour Town property has resulted in the City of Melbourne refunding nearly $1 million in rates following the failure of the Southern Star Observation Wheel.
Harbour Town management lodged a rating objection on the basis that it believed the property to be valued too high for the current commercial conditions for the 2009/10 financial year.
Councillors endorsed Harbour Town’s objection on June 8, resulting in a $936,687 reduction in the 2009/10 rates.
However, the completion of other Docklands properties has resulted in an extra $1.95 million for council in 2010/11.  The five completed properties contributing to this windfall are: 715-727 Bourke St, 800 Collins St, 380-394 Docklands Drive, 731-735 Bourke St and 834-846 Bourke St.
Lord Mayor Robert Doyle said the wheel was just one piece of what would become a vibrant, lively and thriving area of the city.
“A number of major attractions have arrived in Docklands during the wheel’s reconstruction such as the ongoing
sporting events, Costco and the Icehouse, that are progressively having flow-on benefits for Harbour Town retailers,”
Cr Doyle said.
A reassessment of the property will be conducted for the 2010/11 financial year once the wheel becomes operation again.
“I hope the wheel is up and running as soon as possible so that the traders can have certainty and so this important part of Docklands can prosper,” Cr Doyle said.