After KCDC invested $1.16 million to buy the land and many hundreds of thousands of dollars to put the containers on site they are now turning the site into glorified workmen sheds.
We don’t know exactly what was spent on transforming the empty lot (including demolishing the empty existing building) — the figures range from $250,000 to $500,000 — but effectively it’s more wasted Ratepayer money.
In addition to that we are told there were potential tenants who were willing to rent the existing building: effectively that has been an opportunity cost to add to the above.
Using the pop up in this way will save $70,000 a year for the library project. The containers cost around $250,000 so that’s a 28% return on investment. The land was an investment for a different purpose and will eventually be sold at a profit after taking into account financing costs.
What makes you so sure that the land will be sold a profit? The retail situation on the Main Road can’t exactly be called thriving. Do you think instead property businessmen will buy it to erect a 9-10 story apartment block like they could have done under Plan Change 2? What will those containers be worth in 18 months from now?
If this woke council had had a make do attitude and concentrated on our core services it could have saved $5,000,000 of so by leaving the library where it is. I am sure that Liz Koh will get the message at the elections.
Um, actually it is being left where it is, or at least was until the end of 2018.