The Indigenous Land and Sea Corporation (ILSC) has announced today that it has finalised the divestment of 180 George Street in Redfern to the New South Wales Aboriginal Land Council (NSWALC).
The ILSC purchased the site in 2010 with the intention of granting the asset to an Indigenous Corporation.
Over the past decade, ILSC subsidiary NCIE Ltd has developed the site into a community hub, including a state-of-the-art fitness and aquatic centre and co-working space for several Indigenous businesses.
After an extensive two-year due diligence process, the ILSC agreed to divest the site to NSWALC, with the transfer completed on June 30, 2022.
The ILSC, a corporate Commonwealth entity, assists Indigenous people to acquire, manage and benefit from land and water assets.
ILSC Group CEO Joe Morrison said granting of 180 George Street to NSWALC was an outstanding example of the ILSC’s core purpose.
“The divestment of the 160 George Steet site goes to the heart of the ILSC’s vision of returning land and water assets to Indigenous Australians so they can enjoy the rightful entitlements, opportunities and benefits that it brings,” Mr Morrison said.
“The ILSC has moved away from operating businesses, instead providing support to Indigenous Australians to manage their country and assets in a way that meets the aspirations of their communities.”
The ILSC will continue to work to maintain continuity and finalise the arrangements necessary to complete the transfer of the operations of NCIE Ltd to NSWALC.
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