Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

$75 Million Cash to Fast-Track Auckland City Rail Link

$75 Million Cash to Fast-Track Auckland City Rail Link


Queen’s Wharf and Queen Elizabeth Square will remain publicly owned under a deal put forward by two Auckland businessmen to fast-track the city’s new rail link.

The kiwi entrepreneurs behind Auckland’s landmark City Works Depot precinct, James Brown, 39 of Freemans Bay, and Simon Rowntree, 39 of Orakei, have today made an unconditional $75 million cash offer for Auckland Council’s downtown car-parking building in need of an upgrade.

Mr Brown and Mr Rowntree have provided a $7.5 million deposit, able to be cashed today on acceptance, with a settlement date for the remaining $67.5 million of 1 July 2014, only 25 days from now.

The $75 million offer includes a significant premium, meaning the transaction would reduce Auckland’s Council’s operating deficit for 2014/15, allowing rates to be lower than they would otherwise be.

Mr Brown and Mr Rowntree, who also operate Tournament Parking, were motivated to make the offer after proposals were made to privatise public space, in the form of Auckland’s iconic Queen’s Wharf and Queen Elizabeth Square.

“The rail link is essential for Auckland but it’s wrong for the Council to sell public space to fund it,” a spokesperson for Mr Brown and Mr Rowntree said today. “This offer would keep Queen’s Wharf and Queen Elizabeth Square in public ownership while providing $75 million cash to kick-start Mayor Len Brown’s vision for long-awaited first-world public transport.”

Mr Brown and Mr Rowntree’s offer includes commitments to protect the interests of Auckland shoppers and commuters. Specifically, their offer includes legally binding commitments not to increase casual parking rates above the rate of inflation for at least five years, and to maintain existing free public access from the car-parking building to Customs Street West, Lower Hobson Street and Albert Street.

“These guys are born-and-bred Aucklanders, they love this city and they’re 100% behind Mayor Brown’s public rail vision,” Mr Brown and Mr Rowntree’s spokesperson said. “This deal will preserve Queen’s Wharf and Queen Elizabeth Square from foreign ownership while providing the cash to make the mayor’s vision for first-world public transport come true.”

END


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Another Leader Exiting: Statement From Peter Dunne

I have concluded, based on recent polling, and other soundings I have been taking over the last few weeks, that, the volatility and uncertainty notwithstanding, there is now a mood amongst Ōhāriu voters for a change of MP, which is unlikely to alter...

“I have therefore decided that it is time for me to stand aside, so the people of Ōhāriu can elect a new electorate MP. More>>

 

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election