Massey sell-off closer

BY MARIKA HILL

The sale of vacant Massey University properties could boost plans to shift Hokowhitu's College of Education to the Turitea site.

Massey began plans to merge the two Palmerston North sites in 2008. It is expected to cost up to $40 million for new facilities at Turitea.

Disused land and property is being sold in Palmerston North, Wellington and Napier as part of a strategy to diversify income.

The selloff comes as Massey lays off staff and restricts student numbers for next year.

The most recent valuation for the Hokowhitu property was put at $38m.

Massey communications director James Gardiner said the sales, which have been planned for years, were not related to the Government restricting funding for tertiary institutes.

Universities are not allowed to use money raised from Crown property sales to offset operational expenditure, he said.

Sales profits would be reinvested in future development across its campuses in Manawatu, Wellington and Albany.

"There's a huge list of worthy projects on the horizon," Mr Gardiner said.

This includes the $30 to $40m cost of transferring Hokowhitu's College of Education to the Turitea site.

Massey merged with Palmerston North Teachers' College in 1996.

The Hokowhitu campus is nestled between the Manawatu Golf Course and Centennial Lagoon.

Massey hopes to shut the Hokowhitu campus within seven years, however it is subject to a Massey council approval, he said.

"It will make it a much bigger, more vibrant campus."

The Blair Tennant residential hall in Fitzherbert Ave will also be sold to the Office of Treaty Settlements. The property is estimated to be worth $1.5m.

Also on the sale list is the Rua-wharo property in Napier and various properties in Wellington and Manawatu. Mr Gardiner could not confirm yesterday how long the sale process would take or the total funds to be raised.

"We will move as quickly as we can; some of these decisions have taken longer than they should."

The sale of assets became easier earlier this year when the Government relaxed the rules surrounding buying and selling Crown-owned assets by tertiary institutes.

If an asset is being considered for Treaty of Waitangi settlement the minister might decide to lease the asset to the institute until all Treaty claims in the area are settled.

This would be determined on a case-by-case basis.

FOR SALE

Tertiary institutions' Crown assets are worth more than $1 billion.

Hokowhitu campus, Palmerston North. Valued at $38 million.

Blair Tennant residential hall in Fitzherbert Ave, Palmerston North. Valued at $1.5 million.

Ruawharo property, industrial site in Onekawa, Napier.

Properties in Brogden Homestead, Atawhai, Palmerston North.

Jenners Mead farm, Bunnythorpe.

Properties on Adelaide Rd and Tasman St, in Wellington.

SOLD

Flagstaff Hill, 16 Terrace Gardens, Wellington.

Ranfurly St Flats, Palmerston North.

- © Fairfax NZ News