CLIPSAL

330 The Hon. D.G.E. HOOD (14 September 2011) (First Session).

1. Will the Minister for Infrastructure confirm that although the government paid $52.5 million for the Clipsal site at Bowden, the current value has dropped substantially?

2. When has or will the site be re-valued?

3. What is the best estimate of current value?

The Hon. G.E. GAGO (Minister for Agriculture, Food and Fisheries, Minister for Forests, Minister for Regional Development, Minister for Tourism, Minister for the Status of Women): The Minister for Transport and Infrastructure has been advised:

1. No.

2. The value of the site will be reassessed in 2013 once the project has substantially commenced and rezoning for residential uses has been in place for some time. These changes are likely to enhance the value.

3. The commercial assessment for the project was undertaken based on the most recent formal valuation which valued the Clipsal site at $55 million (exclusive of GST).