“Regardless of how much it sold for, the purpose of the sale was not to make a profit, but to make sure a “sustainable” service was put in place for the council’s existing tennants, Clapperton said. “ ….. yeah right! And that nice word again that all Agenda 2030 ICLEI councils bandy around… “sustainable”… like HDC’s sustainable environmental practices (spraying/discharging sewage over everywhere & into the waterways with impunity).. and “Compassion Horowhenua” (that is really the front company for WILLIS & BOND THE PROPERTY DEVELOPER) is going to build more housing for pensioners (only for 12 years mind)… words escape me. How dumb they must think we all are. Or is it because if you tell porkies long enough everyone will believe you?
The Horowhenua District Council was looking to reap a market-value sale price on its pensioner housing, but sold it for millions less.
A document obtained by Stuff reveals the rateable value of the council’s 115 pensioner housing units is $9.2 million.
But, it sold to Compassion Horowhenua for $5.5 million, Stuff confirmed in June.
The document – a proposal about what the council calls a “community housing transfer” – says the council aimed to “receive a fair market value on sale”.
* Horowhenua Council confirms contentious pensioner housing sale largely a done deal
* Horowhenua council-owned pensioner housing sells for $5.5 million
* Horowhenua community housing transfer discussed behind closed doors
* Horowhenua pensioners worried new housing providers will hike rent
The council would not confirm how much the housing sold for, but conceded the sale price was less than $7.19 million, the units’ book value.
Council chief executive David Clapperton said the Compassion Housing bid provided the best value for money offer and met its aspirations for ongoing management of the units.
Rateable values are set every three years by Quotable Value.
The book value, made by independent valuers, took into consideration the average age of the portfolio and that 50-60 per cent of the stock would have to be replaced over the next 20-25, years at an estimated cost of $4.3 million, Clapperton said.
Until the sale was complete, possibly by September 30, information about the deal would remain confidential, he said.