Marina deal figure revealed

A figure of $10 million is expected to be paid to Auckland Council as part of the proposed deal with Gulf Harbour Marina leaseholder Gulf Harbour Investments (GHIL).

The figure was stated in a newsletter to berthholders that went out last month, despite the fact that Council CCO Panuku Development has not yet obtained Council approval to proceed with any deal.

The deal is being negotiated to give Council control over the Hammerhead (currently leased to GHIL), which is a hub for the ferry service, provides parking and includes a boat ramp that is well used by boaties.

Should the deal proceed, as well as the cash payment, Council would get back its ownership rights over the Hammerhead, with GHIL surrendering its lease. In return, the marina would be transferred out of Council ownership, with freehold title provided to GHIL.

In the newsletter, GHIL director Jim Speedy says that having a lease that has about 70 years still to run, is not enough to encourage him to invest further in the marina.

“Leasehold land and its uncertainties is not attractive to me,” Mr Speedy says. “However, I am prepared to make significant investments at Gulf Harbour if I can secure the freehold of this land zoned for marina-related purposes, as set out in the agreement now awaiting final Council approval.”

The improvements the company proposes, should the deal go ahead, include more marine trade, retail and service businesses, improvement of the haul out facilities and redevelopment of the current retail building to modernise the café, chandlery and other businesses.

Mr Speedy says the aim is to create amore vibrant and enjoyable atmosphere in and around Gulf Harbour marina.

Panuku Development needs Council approval to proceed with the deal, and hopes to obtain it this month, following a presentation to the Council’s Finance & Performance Committee.


0 Comments

There are no comments on this article.

Leave a Comment

You must be logged in to make a comment. Login Now