CPTB offers $185k for $1,5M homes

We had an article in the NZ Herald, on the fact some leaseholders with leases coming up for renewal have been offered $185,000. It’s typical CPTB, some of the homes are worth five times this according to rating records and the Trust Board is pitting neighbours against neighbour.

The Committee thinks Mr Duncan is utterly wrong suggesting that leaseholders “would receive more on the open market.” And we know the Trust Board gets less money than they were getting in leasehold income when they rent  out former leaseholder’s homes.

We are extremely disappointed with the Trust, and their attitude to Leaseholders who provide 80% of their income to run the park.  Sadly millions have been spent on lawyers, valuers and consultants.

We fear for the future of Cornwall Park under its current and recent governance.  This Board has refused to consider sustainable leases, and instead prefers to abandon leaseholders.

The article is behind a paywall. We can email leaseholders the PDF.

https://www.nzherald.co.nz/business/where-a-3m-auckland-house-fetches-185000-new-leasehold-land-deal-offer/DCZU4CB2HZHW7G4B3XBAPM62JI/