Geraldton Olive Street Housing Project set for $7.8m return on investment as tender set for consideration

The project headed by the City of Greater Geraldton to help add more housing stock for key workers is set to be voted on at council, as the expected return on investment is revealed. The Olive Street Housing Project to create seven four-bedroom houses on unused land in Mahomets Flats is set to move to the next stage, with officers presenting their recommendation to council. The name of the recommended tender was not revealed in the council documents. Meanwhile, a senior economist for REMPLAN completed an analysis of a “rent-then-sell” model for the houses and expected a return on investment of $7.8 million over 12 years. According to the agenda forum document for March, 31 companies registered to receive copies of the tender, with six of those making a formal submission. Also set to be discussed is the nature of the lease agreements, which are set to be completed through the Government Regional Officer Housing Program once the houses are completed. The program would see key workers, including teachers, healthcare workers, and emergency responders housed. Last year, the State Government provided $1.6m to help the city with the project. The city previously said the funding from the State Government further reduced the risk for the project, as it aimed to assist with housing in Geraldton while finding alternate streams of revenue to raising rates. The council agenda forum will take place at the Mullewa District Office on Tuesday March 18, before council meets next week to vote on the matters.