Development authority needs private sector expertise

Press Release – Property Council Of New Zealand

30 January 2015

Development authority needs clear purpose, private sector expertise

A clear purpose is needed for any development authority established to help speed up the Christchurch rebuild, according to Property Council.

Its South Island Branch President Jo McDonald said that in principle, a well-structured authority with private sector membership and expertise would help Christchurch attract and retain private sector capital.

“There are several successful overseas models, including various state-level development agencies in Australia that have legislative power to act in defined areas. These agencies typically have private sector board members that are able to leverage expertise – especially about risk and commercially-viable development.

“Similarly, regeneration bodies in the UK are often run as private sector operations, which are able to attract board members and partners that would otherwise not have been willing to participate.”

However, Property Council strongly believes that any new development authority would need a clearly defined strategy.

“We can’t afford any more delays in the rebuild. It is gaining momentum and we’re starting to see progress but to harness this we need a results-focused agency that can help turn ideas and plans into reality.

“A private sector-led agency that works together with the Government and Christchurch City Council would put important skills and expertise into the rebuild process and improve the transparency of decision making.”

In Property Council’s 2015 national policy manifesto released this week, it advocates for an agency or advisory board with real, effective decision making power to guide and encourage investment and growth.

An arms-length agency would be able to be more flexible and responsive than a Government agency and not being subject to party politics, have a greater long-term vision.

About Property Council New Zealand
Property Council is New Zealand’s commercial property voice. Property Council represents New Zealand’s office, industrial, retail, property funds and multi-unit residential property owners, investors and managers. Property Council’s branches throughout the country represent some of the largest commercial property portfolios in Auckland, Waikato, Bay of Plenty, Wellington, East Coast/Hawkes Bay and the South Island and Otago region, the value of which exceeds billions.

ENDS

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