Go-Ahead Given To Finalise Ground-Lease Sale Negotiations
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.'
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