News

New lease for Bayside Waste and Recycling Centre

20 July 2023

At its July meeting, Council granted a new lease to Future Recycling Pty Ltd to redevelop and operate the Bayside Waste and Recycling Centre on the following terms:

Site: Bayside Waste and Recycling Centre

Tenant: Future Recycling Pty Ltd

Permitted use: A waste transfer and recycling centre, including the handling of recyclable materials, rubble and soils and green waste, and the operation of a detox site, or such other uses as may be permitted by Council in its absolute discretion.

Term: 20 Years

Commencing Annual Rent: $200,000 plus GST per annum

Rent Free Period: 5 years

Total anticipated annual rent: $1,105,126 plus GST for the first 10 years. Estimate (subject to market rent review) for the entire Term is $10,105,126

Rental Escalation: 5% fixed increase, market rent review in year 10

Turnover Rent: 4% of revenue over the agreed yearly target

Capital Investment: $4,698,000 on a staged redevelopment of the site, $1,073,00 on equipment

Rental Escalation: Fixed 5% of the rent payable in the prior year.

This lease will transform the Bayside Waste and Recycling Centre into a state-of-the-art facility providing greater services and more sustainable recycling solutions to the Bayside community.

Read the minutes from the meeting.