The Kingston Foreshore Development Authority and the National Capital Authority appear to have grasped the fundamentals of the ACT leasehold system. In the area likely to be rejuvenated as a consequence of the Kingston-Acton land swap there are several leases. On one there is an office block. The lease purpose clause is for purposes ancillary to the running of a ferry service on the lake.
Both authorities appear to have decided not to allow any speculative buying in the area. They have recommended that if the lease cannot be used for its present purpose that the purpose not be changed, but rather that the lease be resumed. An earlier “”sale” of the lease which was subject to authorities granting a change of purpose has, as a consequence, fallen through. When the lease is resumed the present lessee will be paid compensation for the value of buildings and perhaps for the value of the unexpired part of the lease.
It is clearly desirable that redevelopment at Kingston start with clean slate. The two authorities have rightly prevented any attempt for people to buy leases in the area with their present rather restrictive lease purposes in the hope that they might be changed later when they would become very much more valuable in the midst of a redeveloped precinct. Rather, the plan seems to be to have a design competition, then a plan and then for the auctioning of leases with lease purposes consistent with the plan.
This will ensure maximum public return for land and a more open process in the redevelopment of the whole area.
It would be a pity if such an important development such as Kingston foreshore became the subject of land profiteering.
The site … next to the lake and facing north … is an ideal one for mixed development, and ideal for redevelopment given its present industrial uses have contracted.