Chch CBD landowners won't sell cheaply

Posted 31 Jul 2012 by Media3News Popular
Posted in Business , CBD , Media , CCDU , Legal
This item was posted on the 3News.co.nz website - click here to view the original

 

Damaged home in Christchurch

Damaged home in Christchurch

Central Christchurch landowners will be expecting proper market rates if the Government wants to buy them out, warns a group representing land owners.

With the government unveiling the blueprint for the post-earthquake Christchurch CBD rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says the Government wants to move quickly to secure the land it needs for the green spaces and public developments.

Before work starts on redeveloping the CBD, the government must acquire the land from about 800 owners, either through land swaps, outright purchases or arrangements for people to use their land differently.

Mr Brownlee said because there was a tight timeframe for the rebuild, the first steps of compulsory purchase would start this year.

However, the Government would look to negotiate and reach agreement in the first instance.

The Government would pay the market value of a property at the time it bought it, Mr Brownlee said.

Land required for anchor projects will be designated by the end of next week.Ernest Duval, of City Owners Rebuild Entity (Core), told NZ Newswire the buy-out process would need to be fair and equitable and the private sector might have a different view to the government on the worth of the sections.

"There might be the assumption that the land is not worth much, but transactions have been occurring."

Mr Duval said that since city plans started emerging after the earthquake, people had being buying neighbours' properties to increase their footprint in the CBD.

Things would start moving quickly, and there was talk some land owners could be speaking with Christchurch Central Development Unit by the end of the week.

Mr Duval said he was happy with the blueprint.

It "defined the new urban reality" and was a framework for moving forward positively.

The precincts would provide a focus for development and businesses needed to embrace and support it, he said.

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