This week, a bouquet for the Napier City Council (NCC). It
has decided to sell it's industrial leasehold land. It is doing so because of
its concerns the leasehold land is holding back development. Those concerns are
not unique to Napier. They apply to most provincial cities, including
Whangarei.
Most
of the ground leases around the country are legacy properties created by local
councils or state owned organisation in days long ago, usually through land
reclamation.
The
NCC owns 74 leasehold properties, worth about $34 million. That portfolio
generates about $1.6m a year in rental income a year.
