Note 14 Major Land Transactions

14.MAJOR LAND TRANSACTIONS

The Town is a 1/12th owner of Lot 9504 Tamala Park, in conjunction with the Cities of Perth, Joondalup, Stirling, Vincent, Wanneroo and the Town of Cambridge. The owner councils have established the Tamala Park Regional Council with the specific function of carrying out a residential land development, known as Catalina Estate. As part owner of the land, the Town is entitled to 1/12th of the net proceeds of the land development.