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Leasehold land ownership retained in financial arrangement

Media Release

17 January 2014

Leasehold land ownership retained in new financial arrangement

Hawke’s Bay Regional Council has negotiated a financial agreement with the Accident Compensation Corporation (ACC) for its rental income from Napier leasehold land.

The transaction sees HBRC transfer rental income associated with the leasehold land it owns in Napier to ACC for a period of 50 years.  In exchange, HBRC receives an upfront cash payment while retaining full ownership of the properties concerned.

There is no change for lessees or to lease conditions under this new arrangement. Leaseholders will continue to deal directly with HBRC for any queries relating to their leases, including freeholding and accounts.  Leaseholders have been informed of the new agreement and that there is no change to their lease arrangements.

This initiative was outlined in HBRC’s Long Term Plan 2012 - 2022 and is part of Council’s long term strategy to free up capital and realise stronger returns from its investment portfolio.  The arrangement enables HBRC investment in key infrastructure projects that deliver long term economic and environmental benefits to the region.

ENDS

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