Leaseholders of Victoria St properties recently purchased by Hamilton City Council have been reassured all existing lease arrangements remain in place.
Properties between 242 and 266 Victoria Street were bought to allow for future CBD development, including possible further development of the VOTR Plaza, preservation and redevelopment of heritage buildings and the development of a larger Central City Park.
There has been some public commentary suggesting the purchase will impact existing lease arrangements for tenants. This is not the case.
The purchases give effect to a resolution of the Council as part of the 10-Year Plan 2018-28. Budget was allocated in the Plan for strategic property purchases in the 2018/19 financial year. No budget has been allocated in the Plan for development of the site and no timeline for future development has been resolved. All existing lease terms and conditions will be honoured and there is no proposal to “buy out” leases to allow early redevelopment.
As a responsible landlord the Council will always endeavour to provide open and honest communication with its tenants – including early discussion when leases are nearing expiry.