Strong progress made in CBD purchases

Canterbury Earthquake Recovery Minister Gerry Brownlee says major inroads are being made into the purchase of central Christchurch land for new projects, with agreement reached for almost two thirds of the land area for priority projects, and the cost of purchases across all projects approaching a quarter of a billion dollars.

The properties are being purchased by the Crown to allow for construction of anchor projects, outlined in the Christchurch Central Recovery Plan, which will revitalise the central city.

“For the priority projects – the Convention Centre Precinct, the East Frame, the Bus Interchange, the Justice & Emergency Services Precinct and the Metro Sport Facility – agreements are now in place for the purchase of 63 per cent of the total designated land area,” Mr Brownlee says.

“Across all of the projects, agreements are in place for 43.4 per cent of the total designated land area, for a total agreed purchase price of $231.6 million.

“What these figures show is the programme of developing important new facilities in the central city is moving ahead at a very good pace.

“To build these new projects we first need to purchase the necessary land, complete any demolitions that are required, and then do the physical building.

“We are already seeing this building work take place on the early stages of the Avon River Precinct.”

When purchasing properties the Crown is taking the approach of creating willing-buyer, willing-seller scenarios, and to date has not been required to use its powers of compulsory acquisition. Two independent valuers are providing advice to the Crown in the negotiations.

The sale price agreed for each property reflects specific property features such as location, geological conditions, state of any buildings, the value to the purchaser of any reports and consents obtained by the seller, environmental conditions, insurance, and any tenancies.

Note: Attached is a breakdown of agreed property purchases that are at a stage where the information can be publicly released.