PHOTO: JOHN NICHOLSON/STUFF Many of the deals were for land on Wellington’s waterfront.
Wellington City Council signed off a dozen leases for top CBD and waterfront locations for as little as $1 dollar per year, then made arrangements to keep the details secret.
Willis Bond, a major developer who took out many of the leases, said multimillion dollar payments were made upfront for the properties but refused to provide further details of the deals.
The $1 to $10 per year lease amounts on the land are public, however the lease terms keep much larger payments secret for 99 to 999 years.
READ MORE VIA STUFF
