Pukekohe, Paerata & Drury Transport Networks: Early Acquisitions
In October 2023 the requiring authorities Auckland Transport and NZTA Waka Kotahi (collaborating as “Supporting Growth”) lodged Notices of Requirement to protect the land required for eight transport projects in Pukekohe, Paerata and Drury.
The purpose of these projects is to provide improved walking, cycling, public transport and general traffic connections to support growth in the area. By 2050 more than 65,000 people are estimated to be living in Pukekohe, Paerata and South Drury, with 12,500 new homes and 5000 new jobs expected.
Unfortunately, some property owners face the prospect their land will be compulsorily acquired under the Public Works Act, whether in whole or in part, to make way for the new transport routes. The timing of the projects and when the compulsory acquisitions will take place is not known at this stage. It could be years or decades away.
This puts the affected property owners in a difficult position. The value of their properties is likely to be impacted immediately, but with no compulsory acquisition in the foreseeable future they are left with a diminished asset over an extended period of time.
The good news is that there is an opportunity for owners to have their properties acquired by the requiring authorities at a time which suits them. Now that the projects have been notified, owners can take steps under the Resource Management Act to have their properties acquired early.
An early acquisition has many advantages. There is no real estate commission, you are entitled to full market value (as if there was no project), if part of the land is taken you may claim loss on value for the balance, you may claim up to $50,000 additional compensation (depending on the land use) and your reasonable legal, valuation and other costs are reimbursed by the requiring authority.
An early acquisition is likely to be the best option for many property owners affected by the new transport projects in Pukekohe, Paerata and Drury.
Grimshaw & Co Lawyers is available to represent owners who wish to have their properties acquired early by the requiring authorities. We will guide you through the process and ensure everything is being done to have your property acquired on the best possible terms.