September 14, 2016
Rescue plan for Shelly Bay white elephant
Taranaki Whanui, the commercial arm of the Port Nicholson Block Settlement Trust, is entering a joint venture with developer Ian Cassells to develop 300 dwellings a the former defence base on the Miramar peninsula.
Trust chair Neville Baker says the deal takes into account a vote by beneficiaries earlier this year against the outright sale of the Shelly Bay site to Mr Cassells’ Wellington Company.
He says the developer has the expertise, experience and balance sheet to make the project happen.
It takes advantage of the buoyant Wellington real estate market in Wellington is buoyant and strong demand for housing.
The land is part of a special housing area, but the $300 million project will still need resource consent, which will be applied for tomorrow.
The Wellington Company is also negotiating to buy adjoining council-owned property to add to what will be a new harbourside suburb.
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