Transfer Of Aotea Block Land Worth $2.4 Million
Council Agrees To Last Transfer Of Aotea Block Land Worth $2.4 Million
Porirua City Council has agreed to the transfer of the third and final block of Aotea land to property developer Carrus Ltd.
Council requires Carrus to place an encumbrance over all titles that they may create in the future to ensure that the land uses and other requirements of the Comprehensive Development Plan are met no matter who owns the land.
The plan changes dealing with design guidelines, mixed land use and commercial recreation become operative on October 20.
Kiwi Income Property Trust has lodged an appeal to the business zone, but Council officers are confident that the Trust’s concerns can easily be resolved as they involve issues of detail and not principle. Kiwi Income Property Trust is the owner of nearby North City Shopping Centre.
Once this appeal is settled, the business zone will become operative.
The third and final block of land totals 89 hectares and is largely confined to the lower western flanks of the block just above SH1. It is a highly visible block of land from most areas of the Porirua Harbour basin.
Council will receive $2.4 million for the block. This will bring the total amount paid by Carrus Ltd for the Aotea Block to $6.54 million. The block totals 246 hectares.
Carrus has already begun developing the eastern section of Aotea. This section was zoned suburban and consequently required no changes to the District Plan.
Mayor Jenny Brash said the transfer of the final block of land was a milestone in what will be a 10 to 15 year development.
“Council bought the land to have some control over how the land would be developed.
“I am confident that we have achieved those objectives, which was to see a mixed development that included general residential, housing for the aged, open space and recreational areas, as well as a business park that would offer employment opportunities and economic growth for the wider city.”
The returns from the sale of the land are being used to reduce debt and for future strategic land purchases, said Ms Brash.