Storage buy-up an option
Need storage in Christchurch? Ask the Government.
The Crown could soon be the owner of 142 storage units in Hillsborough - at a cost of $9.3 million. Units at a Port Hills Rd facility were among the 237 properties re-zoned from green to red as part of this month's Port Hills zoning review. The site is subject to a Section 124 notice, which prohibits entry.
Each unit has a rateable value (RV) of $66,000. Individual unit owners could be offered 100 per cent RV if the Government revises its offer to commercial, vacant and uninsured landowners after the Court of Appeal found offers at 50 per cent were unlawful.
The Government estimates the cost of the new red zone will be about $29m, excluding vacant, commercial, uninsured, and council and Crown-owned land. Offers for those properties have not yet been made.
According to property records, that figure could climb to near $48m if all affected landowners received 100 per cent offers.
However, it is likely the newly red-zoned council properties - valued at about $3.8m - will be surrendered to the Crown at no cost as part of the cost-sharing agreement signed in August.
Four residential properties worth more than $1m were re-zoned red. A 34-hectare property in Sumner's Wakefield Ave, which has an RV of $3.5m, was partly red-zoned because its size meant the affected area could be separated.
Michael Seay, who owns one of the Hillsborough storage units, told The Press he did not want to give his property up.
His 55-square-metre unit was insured and similar-sized units elsewhere in the city were selling for as much as $180,000, he said.
"It's very useful . . . I don't want it to be red-zoned," Seay said.
"I can't believe they're not fixing the hill behind because it's not actually that bad."
He had heard the hill could be remediated for about $800,000.
A Christchurch City Council spokeswoman said council staff met the unit owners' body corporate in August to discuss proposed earthquake remedial repairs.
The body corporate was told it would need to come up with an engineer-designed rock protection structure, which would need to be peer-reviewed, she said. The cost of any potential remediation work was not discussed at the meeting and no resource consent application had been lodged with the council.
- The Press