Trust's Sylvia Park Zoning Cleared

Kiwi Income Property Trust’s Sylvia Park Zoning Cleared

Kiwi Income Property Trust has announced that a significant hurdle towards the implementation of Plan Change 4 at Sylvia Park has been cleared.

Plan Change 4 involves the rezoning of the Trust’s 24-hectare site adjacent to the Southern Motorway at Mt Wellington in Auckland. The rezoning will allow New Zealand’s largest retail and mixed use development which has been subject to appeal court proceedings to consider the protection of Wahi Tapu (sacred areas) over the site.

In November 2001, the High Court granted the Ngati Maru Iwi Authority leave to appeal its case to the Court of Appeal.

Chief Executive, Angus McNaughton, said “following very constructive discussions, we have reached a mutually satisfactory agreement with Ngati Maru that involves co-operation during the development of the Sylvia Park site and the submission to the Environment Court of District Plan earthworks provisions in an agreed form”.

“Following a joint memorandum to the Court of Appeal, the Court has referred the matter back to the Environment Court where both parties will seek the agreed alterations to the District Plan,” Mr McNaughton said.

“The proposed alterations would require particular provisions in specified parts of the Sylvia Park site, but otherwise would be consistent with the general earthworks provisions in the District Plan. We look forward to working co-operatively with all affected Iwi in the development of the site.” said Mr McNaughton.

Negotiations are continuing with major anchor retailers for the development, as well as progress on the design and commercial assessment. The Manager of the Trust is currently working with Colonial First State Property in Sydney to develop a long term ownership strategy for Sylvia Park that addresses the risks associated with a project of this scale.

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