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GENERAL PROPERTY

WA govt pockets $1.4bn from Landgate sale

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THE Western Australian government has realised $1.41 billion from the partial commercialisation of Landgate to a consortium comprising Macquarie Infrastructure and Real Assets, Sunsuper and HESTA.

Treasurer and Lands Minister Ben Wyatt said once operational, Land Services WA will deliver, improve and maintain Landgate’s automated titling services, including the processing of property transactions and searches of the title register. Growth in service fees will be capped at CPI.

Wyatt said the state will retain ownership of, and responsibility for, the Land Titles Register and other data.

“Importantly, the existing security, privacy and integrity of the land titles register will be maintained, and the statutory indefeasibility of title will be preserved. Landgate will continue to operate as a statutory authority and remain responsible for manual titling transaction processing, property valuations and location information,” he said.

The total costs of undertaking the process to appoint Land Services WA, including scoping study work, are estimated at approximately $17 million.

“The successful transaction highlights the McGowan government’s commitment to the responsible management of the state’s finances and to a prudent, yet decisive, approach which puts the taxpayers of WA first.

“I’m delighted that the proceeds will go to an important cause, allowing the government to meet its ongoing funding requirements for the National Redress Scheme and to victims of historical sexual abuse.

“It is also important to acknowledge the Landgate board and staff for their hard work in overseeing and providing input to this transaction.” Wyatt concluded.