Rents double at port

Monday 13 December 2004

Some businesses at Port Nelson are facing massive rent increases following a revaluation of land in the wake of Nelson's property boom.

By The Landlord

One business owner has labelled his 100 percent rental rise a "kick in the guts" given the current downturn in the marine sector, saying it has come at the worst possible time.

But Port Nelson chief executive Martin Byrne said rent rises reflected the rapid increase in Nelson property values during the past five years.

They were also necessary to help cover Port Nelson's increasing rate payment costs to the Nelson City Council, which it paid as a land owner.

Challenge Marine general manager Steve Sullivan said Port Nelson wanted to double the lease charge on his company's 4000sq m Akersten St premises.

The increase was supposed to have taken effect in May as part of a five-year rent review, but Challenge Marine was negotiating with the port company over the amount and had hired an independent valuer.

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