The Tauranga City Council is considering selling thirteen of its properties to help fund a $306m project aimed at rejuvenating the city centre. These properties, which include residential, commercial, and vacant land, have been deemed ‘surplus’ under the council’s Asset Realisation Reserve, a system set up in 2023 to manage the sale of unneeded assets.
The decision to classify these properties as surplus was made at a council meeting, although their estimated values have not been disclosed to avoid negatively impacting negotiations. However, one public car park was removed from the list after concerns were raised about its popularity and importance to the local shopping area.
The potential sale of these properties could take place over the next two years, with the local Maori community, or mana whenua, being offered the first chance to buy. If they decline, the properties will be sold on the open market.
The funds raised will contribute to the development of Te Manawataki o Te Papa, a new civic precinct that will include a library, community hub, public meeting house, exhibition gallery, and museum. The project is also being funded by ratepayers, government funding, grants, and development contributions. Construction has already begun and is expected to be finished by 2028.
