Clauses within Auckland City’s contentious billboard bylaw proposals have the potential to diminish property values.
Friday, January 19th 2007, 11:32AM
by The Landlord
Outdoor Advertising Association of New Zealand chair Duncan Harris says the OAA’s independent review of council’s economic and social impact report reveals up to $75 million could be lost off the capital value of buildings in the downtown area alone.
Harris said the overriding of existing property rights of building owners was of major concern.
“The property rights of owners was quoted by councillors as a major reason for not interfering to prevent the recent demolition of Coolangatta, widely acknowledged as one of Auckland’s most beautiful heritage homes. The same property rights apply to building and site owners but it looks as if council is prepared to run roughshod over those.”
“Some of those larger sites are rented at $30,000 a month or more. For some building owners that income might support their entire maintenance programme or be the difference between profit or loss.
“The value of those properties hosting billboards in the CBD will drop by up to $75 million if the billboards have to be taken down. How do the owners recoup that kind of value?” he said.
