logo
Go-Ahead Given To Finalise Ground-Lease Sale Negotiations

Go-Ahead Given To Finalise Ground-Lease Sale Negotiations

Scoop30-04-2025

Wellington City Council has voted today to give the go-ahead to finalise negotiations on the sale of nine central-city sites owned by the Council and leased to private commercial occupiers.
The sale of the ground leases is part of the Council's financial strategy and the proceeds of the sale will be used to capitalise the Council's proposed Disaster Resilience Fund – designed to give the city the financial ability to recover and rebuild after a large earthquake or other disaster. These funds will not be used to pay down debt nor fund any Council projects.
Today's debate and vote on the ground leases was closed to the public given the commercially-confidential nature of the negotiations. The Council will also not identify the individual sites until sales are completed, at which point further information will be made available.
The ground leases date back to the 19th century when the City Council and the Wellington Harbour Board reclaimed large areas of land – most on the seaward side of Lambton Quay and Willis Street. The Council leased individual reclaimed sites, most on 21-year perpetually-recurring leases, enabling the expansion of the central business district.
Long-Term Plan and Finance Committee Chair Rebecca Matthews said that the sale of ground leases to capitalise a Disaster Resilience Fund is a key step to build the Council's financial resilience. 'Council has been clear we need to diversify and build a long-term fund to respond to disasters. We are taking this action to make our city more secure and resilient for generations to come.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chris Bishop rejects Christchurch City Council's intensification rules
Chris Bishop rejects Christchurch City Council's intensification rules

RNZ News

time4 days ago

  • RNZ News

Chris Bishop rejects Christchurch City Council's intensification rules

Chris Bishop. Photo: RNZ / Samuel Rillstone The government has issued its final decision on Christchurch City Council's bid to carve its own path out of national housing intensification rules. Minister Chris Bishop rejected 14 of the council's 17 recommendations and deferred his decision on three more, after the council refused to accept all of the recommendations of an independent panel. The minister's decision will mean some parts of the city will be zoned higher-density housing, and the council won't be allowed to refuse consents based on sunlight access. Mayor Phil Mauger says the decision feels like a kick in the guts. The council has until the end of the year to decide on density rules for the rest of the city.

Nigel Simpson: Time For Major Change For Napier
Nigel Simpson: Time For Major Change For Napier

Scoop

time4 days ago

  • Scoop

Nigel Simpson: Time For Major Change For Napier

Nigel Simpson - Latest News [Page 1] Nigel Simpson is calling on Napier residents to help elect a new set of councillors with proven governance experience; people who've served on school boards, business boards, and community groups, and understand what strategic leadership really looks ... More >> Unbelievable: CEO Has To Lodge Official Request With Own Council To Get Info Friday, 16 September 2022, 5:30 pm | Nigel Simpson The news yesterday that the chief executive of Napier City Council had to lodge a Local Government Official Information Act (LGOIMA) request to get information out of her own Council is deeply disturbing. The just departed chief executive lodged ... More >>

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store