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Legislative Assembly for the ACT: 1997 Week 5 Hansard (14 May) . . Page.. 1384 ..

Mr Whitecross: How many million dollars did you make?

MR HUMPHRIES: Five, to be precise. I am very pleased and I am very happy to answer the question by Mrs Littlewood because it is a very timely one. The results of the auction this morning were very encouraging. They showed that business is alive and well and seeking opportunities to develop in Canberra. There were seven commercial properties offered for sale by auction. All were sold at or above the reserve price.

Mr Kaine: Business is booming.

MR HUMPHRIES: Certainly, on the indications of these sales business is booming. The sum of the reserves was $2.84m; the amount of sales was $5.172m - 82 per cent above the reserves. Mr Whitecross and others were predicting that the auctions would be a flop; that the land would be snatched up at bargain basement prices in a fire sale. How wrong he and the other doomsayers were.

Of the seven sites, six are for development. One part of the North Lyneham shopping centre was sold as a going concern to a local company, Metro Developments. Of the other six sites, five were sold to local or regional companies and one was sold to a Western Australian company which is now going to invest in the ACT - and, what is more, in Mr Whitecross's electorate. He will be disappointed to hear that, I am sure, but that is the unfortunate fact of the matter!

Mr Kaine: It is my electorate, too, and I applaud this. I know Mr Whitecross does not, but I do.

MR HUMPHRIES: Mr Kaine can see a gift horse when it is put in front of him. I am not sure that Mr Whitecross can. For the benefit of Mrs Littlewood, also a member for Brindabella, the site sold to a Western Australian company was a bulky goods retailing site in Greenway. It was sold to Bunnings Properties Pty Ltd, a major Western Australian hardware firm, for $2.525m - $1.79m above the reserve price. Someone outside the ACT has a great deal of confidence in the ACT. Bunnings will make a welcome addition to the hardware market in Canberra, and Mrs Littlewood can be assured that their development will create a minimum of 100 jobs in construction and operation. I know you are not very happy about that, Mr Whitecross.

Mr Whitecross: When are you getting to the Chisholm site?

MR HUMPHRIES: Did you ask about Chisholm, Mr Whitecross? I am very happy to mention Chisholm. Thank you for mentioning Chisholm. Are you sure you want to mention Chisholm, Mr Whitecross?

Mr Whitecross: I am. I like seeing you gloat.

MR HUMPHRIES: You are quite sure; okay. I can tell you, Mr Speaker, Mr Whitecross and others who are interested, that Chisholm also sold despite the warnings about doom and gloom. Who bought the site? The site was bought by a company called Malbory Pty Ltd. As far as I can tell, it was not a company acting for

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