COUNCIL has paid more than $1 million too much for prime waterfront land at Cleveland Point, according to a real estate agent.
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Gordon Whicher said it was benevolent of Redland City Council to pay $3.6 million - or $1936 per square metre - for the freehold undeveloped land.
A council spokesperson, however, said that measures had been taken to ensure value for money and due diligence undertaken.
Mr Whicher's comments come as councillors who voted against the purchase say the money would have been better spent elsewhere.
During a closed council session on March 20, Crs Murray Elliott, Lance Hewlett, Paul Gleeson and Paul Bishop voted against buying the land.
At that meeting council delegated authority to staff to acquire the land at fair market value. Council also agreed to allocate money to acquire the land and fund establishment and maintenance costs during the 2019-20 financial year.
The council spokesperson said that council had bought the historic site for the community, and community engagement would be taken on its use.
"To ensure value for money, council's property team engaged an independent valuer and the purchase price was considerably less than the original asking price," the spokesperson said.
"Due diligence was undertaken with the support of council's economic development, parks and reserves, planning, building and legal teams."
Cr Hewlett told the Bulletin that the purchase would impact other important infrastructure that had been prioritised, designed and was ready to deliver.
"In my opinion there were other opportunities that represent far better value for money for ratepayers," Cr Hewlett said.
"For example, we could have built a fully-fitted-out water play park at the new Thornlands Regional Park or Cascades where we already own land that would have been far more accessible to the broader community.
"We're paying a premium for land that is zoned for medium density development which is very over-congested with very limited parking."
Cr Elliott said council should do more for residents like improving parks before embarking on big visionary projects.
Cr Bishop said he thought it was not the most appropriate place for council's focus and there was no clear strategy for the land's use.
"I was not convinced why it was so compelling for us to buy that land," Cr Bishop said.
The council spokesperson said that council was able to buy the land because of surplus funds.
"The Cleveland land purchase did not come at the expense of other capital projects," the spokesperson said.
"Council did not offset the purchase with the removal of other capital works projects."
Mr Whicher compared the selling price of other Cleveland Point blocks like one sold in 2015 for $889 per square metre.
"That was about three years ago, in a better market," he said. "We are currently in the worst market we have had in 30 years."
Mr Whicher said it would be fair to have paid $2.5 million, or up to $2.7 million if the buyer really wanted the land.
He said the land had been for sale with two agents for the best part of two years.
"For it to sit around for two years and then go out the door for nearly $2000 per square metre is very benevolent of council."
Cr Gleeson said he was pleased council had bought the land.
"Mine was a protest vote, reflecting my frustrations for lack of support for projects such as a water park and koala rehabilitation centre, combined with breeding programs," Cr Gleeson said.
The council spokesperson said Redland Investment Corporation had not been involved in the purchase.
"RIC is generally involved in larger projects involving priority development areas, expressions of interest and redevelopments while council's property team manages single purchases," the spokesperson said.
