feb 6, 1991 - ACC sells $35 million worth of land
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Millions of dollars of property, deemed by the Auckland City Council to be surplus, is now officially on the market.
The council has earmarked nearly $35 million of industrial, commercial and residential property for asset sales.
**FULL_TEXT But $9.2 million of residential property is being held off the market while the council reviews its overall housing policy.
The chairman of the council's property enterprise board, Mr John Williams, said a few other properties, still being considered by community boards, would also be held back in the meantime.
Mr Williams said the millions of dollars of property would not be released in one deluge on to an already depressed property market.
Rather the council had, about a week ago, advertised the properties for sale and was now hearing from interested parties.
He said the massive portfolio would be hand to real estate agents.
Mr Williams said in some cases the properties were small or odd-shaped pieces of land which neighbours had been wanting for years.
Mr Williams said recent Valuation New Zealand valuations were held on every property and the council was seeking a fair market price.
Last year, as part of its financial plan, the council decided to sell $25 million of assets over three years.
But during its process of identifying surplus properties it increased the sale to almost $35 million.
The extra $10 million was to be used to finance the purchase of the former Kupe properties in downtown Auckland.
Source: AUCKLAND Council land now selling.
251 words
6 February 1991
New Zealand Herald
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