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Market valuations applied

Council is streamlining the way it runs its leased properties.

In line with the Wairoa District Council 2018 Property Strategy market valuations have been applied to properties Council has leased out.

Wairoa District Council acting chief executive Stephen Heath said the valuations have been conducted by an independent valuer, using local information.

“Council’s leases and licences have historically been ad-hoc, with values being derived without a baseline or comparison.

“Staff are working through existing leases and licences that require renewal and communicating with lease/licence holders with regards to revised values.

“The values being sent out are starting points/benchmarks for council and will be subject to agreement between both parties.

“The intentions of this work are better management of leases and licences ensuring good asset management practices and returns for council.

“It’s important our assets have market value returns and that we have an equitable and prudent approach.

“Council has valuable land which it is not using and by receiving fair rents for this land we are able to offset Council expenditure.

“This equitable approach brings Council in line with the appropriate Local Government Act.”

People who lease land from Council will be contacted over the coming weeks. For any queries please email property@wairoadc.govt.nz

10 October 2019

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