Mrs BRAHAM (Housing) - 1999-02-25
Mrs BRAHAM (Housing): Mr Speaker, I had 2 questions on notice yesterday, and I would like to reply to them now.
The member for Wanguri questioned the sale of assets at Yulara. I just inform the member and the House the government did not lose, as claimed, $4.7m of taxpayers’ money, nor did it sell all of the Housing Commission stock at Yulara.
The sale of the housing stock was an integral component of the sale of the resort. The General Property Trust and other parties bidding to buy the resort, made it clear that they were not prepared to buy the resort unless the housing was sold to them at the same time. The resort sold at a multiple of nearly 20 times the earnings at the peak of the tourist property market and the overall result was excellent for government.
Mr Bailey interjecting.
Mrs BRAHAM: Do you want to hear the answer?
The complete housing stock at Yulara was valued by a valuer acting for the government. It was valued by a valuer acting for the buyers of Ayers Rock Resort. The final sale price of the housing and land that was sold was agreed between the 2 valuers. Both signed a report certifying the price was fair. The valuer acting for the government was the Australian Valuation Office. I would like to table a letter from Knight Frank who was acting on behalf of the purchasers, and from the Australian Valuation Office. Reading briefly from it:
Russell Cowell, Valuations Director, Knight Frank, and Fred Marrone, Senior Valuer of the Australian Valuation Office have been instructed to jointly determine a fair value for the transfer/purchase of the Northern Territory Housing Commission assets at Yulara. We have agreed that a fair price for the transfer/purchase of the above described asset is $15 150 000.
This has been signed off by both parties, Mr Speaker, and I table that for members’ interest.
The member for Wanguri questioned the sale of assets at Yulara. I just inform the member and the House the government did not lose, as claimed, $4.7m of taxpayers’ money, nor did it sell all of the Housing Commission stock at Yulara.
The sale of the housing stock was an integral component of the sale of the resort. The General Property Trust and other parties bidding to buy the resort, made it clear that they were not prepared to buy the resort unless the housing was sold to them at the same time. The resort sold at a multiple of nearly 20 times the earnings at the peak of the tourist property market and the overall result was excellent for government.
Mr Bailey interjecting.
Mrs BRAHAM: Do you want to hear the answer?
The complete housing stock at Yulara was valued by a valuer acting for the government. It was valued by a valuer acting for the buyers of Ayers Rock Resort. The final sale price of the housing and land that was sold was agreed between the 2 valuers. Both signed a report certifying the price was fair. The valuer acting for the government was the Australian Valuation Office. I would like to table a letter from Knight Frank who was acting on behalf of the purchasers, and from the Australian Valuation Office. Reading briefly from it:
Russell Cowell, Valuations Director, Knight Frank, and Fred Marrone, Senior Valuer of the Australian Valuation Office have been instructed to jointly determine a fair value for the transfer/purchase of the Northern Territory Housing Commission assets at Yulara. We have agreed that a fair price for the transfer/purchase of the above described asset is $15 150 000.
This has been signed off by both parties, Mr Speaker, and I table that for members’ interest.
Last updated: 09 Aug 2016