The future of Cromwell’s endowment land was the topic of discussion at yesterday’s Cromwell Community Board, following a report by The Property Group.

The Queenstown-based independent property consultancy company was commissioned by the Central Otago District Council (CODC) to look into draft investment principles of the endowment land, following two recent council workshops.

Many Cromwell residents have accused the council of an asset grab of their endowment land in the lead up to the districtisation of assets and services which comes into effect in July.

Confirmation was sought from the community board that the report reflected the outputs from the workshop.

Five proposed investment principles were established as a result of the work from The Property Group, and the community board had a big role in enabling growth as well as facilitating third party involvement by providing the platform and opportunity for private sector investment.

Those attending the workshops were interested in enabling land for housing (including affordable housing), for commercial and industrial development, and to provide for current and future infrastructure – three waters and transportation (including walking and cycling).

Diversity within the future land portfolio was considered to be essential, with potential investment in different asset classes (land, buildings, community infrastructure with associated income) mooted. 

Similarly, future investment of funds outside of the Cromwell Ward (and potentially the district) was suggested.

Group manager business support Saskia Righarts noted that the strategy hadn’t yet aligned with the work council was doing on district vision, which would also come back to the community board as a draft.

Board member Mary McConnell said she felt that the original purpose of the endowment land needed to be included somewhere in the strategy, and others agreed.

It was also noted in The Property Group draft strategy following the workshops the treasury fund was ultimately controlled by council, and final decisions on the use for funds derived from / associated with the Cromwell endowment land lay with the council – which could override

CCB decisions. 

“This reinforced the absolute need for the CCB to adopt and execute a considered investment strategy that has integrity and is supported by sound investment decision making criteria,” the report said.

‘’The Cromwell Endowment Land Investment Strategy was intended to both build upon, and to ‘bridge the gap’, between the council’s recently completed Cromwell Masterplan and opportunity associated with endowment derived landholdings in the Cromwell area.’’

The Property Group report recognised that there were some statutory and wider council intentions that were central to the way in which the CCB operated and made investment decisions. 

The draft strategy will come back to the community board in March.  

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