Property

Purchase price a rip-off, say leaseholders

Waitara Leaseholders Association chairman Jonathan Marshall reckons New Plymouth ratepayers will be out of pocket by $10 million as a result of the Government's decision to buy the Waitara leasehold land from the council.

Monday, April 26th 2004

Mr Marshall said he was not surprised by Prime Minister Helen Clark's announcement.

At the end of her speech to the Taranaki Chamber of Commerce in New Plymouth yesterday, Miss Clark said the Government would buy the land from the New Plymouth District Council. It would then use the land as part of its treaty settlement to Te Atiawa for historical grievances.

That would be subject to the outcome of the High Court challenge taken against the council, the Prime Minister said.

Mr Marshall said the figure of $3.89 million, which the NPDC had received as a valuation recently, was too low.

"That sets the value of leasehold sections at around $5000 each. It should be closer to $25,000-$30,000, so $15 million, which council has already been offered, would be a more realistic market value. If they don't get that, the ratepayers are missing out," he said.

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