Council property group gets housing land boost
Council property group gets resources to lift supply of housing land
Auckland Council Property Limited (ACPL) has been given additional resources to expand its operations and lift the supply of land for housing and town centre regeneration.
The Finance and Performance Committee today expanded the role of the council’s commercial property arm to streamline its ability to acquire land and amalgamate council-owned and private sites.
“ACPL is the council’s primary vehicle for freeing up land for housing development. The resources approved today give it the flexibility to move faster and deliver better results for the council and the housing market,” said committee chair Council Penny Webster.
“It’s important to note that ACPL will not be venturing into property development in the built form, simply becoming more active in providing land for the private sector in support of the council’s housing policies,” she emphasised.
The improved resources include access for the ACPL board to up to $15million from the council’s Strategic Development Fund and a new self-funding $5million annual development budget to cover investigatory activities and for adding value to properties prior to sale.