Napier City Council owns a number of properties that we classify as our investment property portfolio. This land is leased to various individuals and entities as leasehold land, and is a strategic asset for the ongoing benefit of the Napier community.
During the 1989 Local Authority reorganisation the Hawkes Bay Harbour Boards commercial and residential land holdings were re-allocated to the Hawkes Bay Regional Council and the Napier City Council. The majority of these properties were allocated to the Hawkes Bay Regional Council.
With the exception of a couple of properties on the Marine Parade and in McGrath Street all the Napier City Council's residential land holdings are situated in the Westshore and Ahuriri areas and its commercial land holding situated in Ahuriri, Pandora and Onekawa.
There is always public interest in leasehold land that is owned by Napier City. In all cases the Council holds the freehold (ownership of the land) title and leases the right to use the land to another person/party (such as a trust or a company).
Napier City Council owns various properties in Napier which Council classifies as Napier City Council's investment property portfolio. This land, held in the portfolio, is leased to various individuals and entities. All land held in the portfolio was originally commercial and industrial land. However, with the development of apartments on West Quay in the last 10-15 years for example, some leasehold land held in the investment property portfolio is now leased for both commercial and residential use. Council has not altered its policy in regard to its investment property portfolio as a result of this change of use.
Investment properties held by Napier City Council are located in the Ahuriri waterfront area, parts of the Pandora commercial/industrial area and Onekawa commercial/industrial area. There are also a few other properties in various locations within Napier City.
Council policy in regard to these properties is that Council will not sell individual properties within the portfolio.
The investment property portfolio is a strategic asset for Napier City and Council's stated intention is to hold the titles to these land assets, which are leased to various parties, for the ongoing benefit of the Napier community. Accordingly, Council holds and manages these properties on behalf of the Napier community for the benefit of both current and future generations. The Napier community enjoys the benefit of these properties through a reduction in general rates to the extent of income received.
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