Landowners confounded by CERA changes
CERA has confounded some Christchurch landowners by changing its development plans.
After spending more than $25 million on commercial land in central Christchurch, the government is reducing its purchasing commitment.
The move has confounded several landowners in Lichfield and Tuam Sts whose land has been designated for purchase for three years.
The Canterbury Earthquake Recovery Authority told them about the lifting of designations in a private meeting in December where media was excluded, as reported by NBR’s NZ Property Investor publication in mid-December.
CERA finally announced the revised plan about a week ago after media inquiries, downplaying the significance of the u-turn.
Government ministers have frequently highlighted the way the Crown acquisition programme has protected high land values in the central city – a bonus for those whose properties have been acquired but an impediment for new developers, and now a blow to expectations of landowners in the Lichfield St area called the called the “south frame.”
The lifting of designations comes after delays to other rebuild anchor projects, which are mostly still at the design stages.
Chris Hutching
Tue, 20 Jan 2015
Tue, 20 Jan 2015
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Landowners confounded by CERA changes
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