Fletcher Building Announces Sale Of Ihumātao Land To Crown

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Fletcher Building has today reached an agreement to sell the land it owns at Ōruarangi Road, commonly known as Ihumātao, to the Crown for $29.9 million. At the agreed sale price, the deal is broadly breakeven for Fletcher Building.

Fletcher Building CEO Ross Taylor said, “The acquisition by the Crown is a positive solution that has been reached after negotiations and discussions with the Government, Kiingitanga, mana whenua, and Auckland Council.

“We thank the Government for the pragmatic way they have approached this process. It hasn’t been easy, and we acknowledge their role.

“We also acknowledge the iwi who we engaged with throughout the consenting and proposed master planning of the land. Any plans for the land are now a matter for the Crown and Kiingitanga.

“Finally, we thank our people and the many Police officers, whanau representatives, security staff and neighbours of Ihumātao for their patience and understanding,” said Mr Taylor.

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Fletcher Building’s involvement in Ihumātao now comes to an end.

2 COMMENTS

  1. Another case of corporate welfare?

    Fletchers paid $19million for Ihumatau.

    And were given roughly $40,million by the government,

    How does Fletchers say they have broken even on the deal?

    Without any of the expense of a big housing development.

    Where and to who did Fletchers pay the extra $11million?

    I’d really like to know

    The police acting as free security guards cost Fletchers nothing.

    On the face of it it seems another big corporation gets bailed out by the government to cover losses resulting from poor judgement. with an extra $11million cherry on top.

    Fletcher says $29.9m Ihumaatao price break even
    Waatea News 17 Dec 2020

    https://www.waateanews.com/waateanews/x_news/MjYzMDY/Paakiwaha/Fletcher-says-$29.9m-Ihumaatao-price-break-even

    The company obtained Overseas Investment Office approval to buy the former farm on Oruarangi Rd for $19 million in 2014, but its plans for a 480 home development were stymied by an occupation by the Save Our Unique Landscape group.

    Fletchers knew full well that the land had been stolen from its original Maori owners. Predictably Fletchers found themselves unable to develop this uniique landscape into a housing development over the original owners objections. Now Fletchers have made $11million without any of the expense of a big housing development. They should have got nothing.

    • Pat O’Dea: “Fletchers paid $19million for Ihumatau.

      And were given roughly $40,million by the government”

      Aside from the fact that we the taxpayers will have to stump up that cost, I’m pleased that Fletcher has apparently driven a very hard bargain. It was bullied into selling that land to the government, and all because the PM – having come to believe her own publicity – had to interfere in a private dispute.

      That land was privately-owned, and sold in a legitimate sale process. No matter the fact that the government originally took the land from the Maori living there at the time; unfortunately, that government had sold it on to pakeha settlers. And it was the descendants of those settlers who sold to Fletcher, as they were legally entitled to do. There’s no undoing the original injustice: what the government has done is to create another injustice.

      I’m guessing that your tone would be completely different, were it some hapless anonymous individual landowner who’d been bullied into handing their land over to the Crown, rather than a corporate such as Fletcher.

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