Council accepts offers for three pensioner housing units
28 September 2012

Hamilton City Council has accepted offers to purchase three pensioner housing complexes which were no longer suitable for the accommodation needs of its older tenants.

The three properties - on River Road, Ascot Road and Johnson Street - were part of Council’s stock of 24 pensioner housing complexes. They were identified as not meeting the requirements of the older residents, and were offered for sale as part of Council’s 10-Year Plan decisions.

Proceeds for the sales before costs totalled $3,711,000.

The River Road complex, comprising 12 units, has been sold to Sue Collinge for $1,350,000.

The Ascot Road complex of 27 units has been sold to Ross Hemi and Greg McGuire for $1,751,000.

The Johnson Street property of 12 units has been sold to The Crosslight Trust and Habitat for Humanity for $610,000, the highest sympathetic offer tendered. The purchasers own a neighbouring property and have committed as part of the transaction to continue to operate the units as a subsidised pensioner housing facility.

All prices are exclusive of related sales costs, and the proceeds from the sales will be committed to funding the maintenance on Council’s remaining 21 pensioner housing complexes over the next 10 years.

The prices obtained exceeded budgeted sale proceeds. Settlement will be completed on 18 January 2013.

Commenting, Chief Executive Barry Harris says: “We are very happy with the outcome of these sale processes, and believe we have secured excellent value for the ratepayers.

“Staff kept our tenants in these units fully updated throughout the process, and are working closely with them to arrange new accommodation for them in our other facilities. This will continue through the lengthy settlement period, and we are committed to helping them.”

ENDS

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