Is it possible to buy / lease / use a stormwater drain adjoining my property from the local council?

I own a property that has an open concrete storm water drain (about 1.5wide) running the length of my property.  Its a bit of an eyesore anyway and often has standing water in it. 

I would like to develop and subdivide my lot and would like to apply to Council to have use of the stormwater drain (noting the easement) on titles.
 
I was thinking of offering to pay to put in relevant plumbing fittings and pipe work (to whatever standard required) then fill in over the top and have it available – not neccesarily to build on – but to increase the yard size available.

Has anyone done or heard of doing anything like this – and any tips and hints on legalities or how to approach Council with this proposal?

The drain is an eyesore and ineffectual in its current functionining, it has pools of standing water in it over winter and spring – and is a breeding pit for mozzies.    Its in an older historic part of town and really only serves a function as a stormwater run off point but given we're in the middle of drought and significant water restrictions its not getting any kind of regular use.

Any advice greatly appreciated!