Council to do sums on Blue Haven

KIAMA Councillor Warren Steel has called on the council to investigate the financial viability of the Blue Haven complex.

Cr Steel asked at the past council meeting that officers conduct an inquiry into the complex"s worth on the open market

He requested the investigation to ensure Kiama"s ratepayers were receiving value for the investment in the complex.

However, he quashed suggestions that he wanted the complex to be sold.

"There"s no way in the world I am saying to sell it , I just think it"s an asset we should look at," he said.

"I would like to know the true value of Blue Haven retirement village if it was sold as a going concern.

"It might be worth $50 million or $60 million or I might be miles out, but I want to know that it is not costing us money. Are we getting full value? Does it make money?"

Cr Steel said that if the numbers didn"t add up on Blue Haven, an organisation such as the Illawarra Retirement Trust or a superannuation fund would "jump at the chance" to buy the facility.

He compared the Blue Haven development to Kiama Council"s other major business venture, the five holiday parks located in the municipality.

Kiama Council Director of Strategic and Commercial Services, Chris Quigley, confirmed the council made a 12.27 per cent return on the holiday parks in 2005-06.

General manager Michael Forsyth said the report into Blue Haven"s worth would hopefully be ready for the next Council meeting.

"It's basically just an information report advising council of the building valuation," Mr Forsyth said.

"There are no implications as I see it; it"s no different to council being aware of the value of any other property that council owns."