A Tantanoola broad acre property and road rubble pit have been purchased by Wattle Range Council for $1.3m.
The sum paid for the 130-acre property known as Burchard’s Pit is higher than an independent valuation but below the sum initially sought by a local farming family.
The deal was struck a few months ago and recently finalised.
Council has only just voted to lift the confidentiality orders which applied to staff reports about the sale negotiations.
The sale involved lawyers, valuers and agents and was the subject of a number of confidential council discussions.
It has provided the council with sufficient road rubble material to last for decades.
Council has previously paid the landowners royalties for the rubble and this will no longer apply.
Chief executive Ben Gower said most of the purchase price would be met by the sale of council’s service station on Adelaide Road, Millicent.
He said the exchange of such assets had played into the minds of councillors and was in line with council’s strategic plan.
According to Mr Gower, the Tantanoola land purchase had a positive financial outcome for the council.
“We anticipate there will be around 25 years’ worth of high-quality limestone rubble but that will depend on extraction rates,” Mr Gower said.
“As with our other landholdings, council will be calling for tenders for the lease of the farming land.”