Surplus school houses could fetch $300m

Nikki Kaye

Schools are in for a significant increase in funding from the sale of unwanted teacher housing.

From July 1 this year, schools will be offered 100% of the net proceeds from the sale of surplus school houses, up from 50%.

Associate Education Minister Nikki Kaye says, “The extra revenue will be added to the lump sum given to each school every five years to maintain and modernise school property and infrastructure, and to bring classrooms up to modern learning environment standards.”

About 1900 school houses are on Ministry of Education administered land with a total value of over $300 million, she says.

The initiative is intended to encourage school boards of trustees to dispose of surplus housing more quickly.

“This change will enable us to reduce long-term vacancies, sell houses that are no longer required for education purposes and manage the ministry land portfolio more effectively,” Ms Kaye says.

The proceeds of each sale, however, must be added to the school’s five-year agreement budget, meaning the money has to be spent on modernising existing school property and infrastructure.

Jason Walls is an AUT journalism student


Got a question about this story? Leave it in Comments & Questions below.


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7229 0.0000 0.00%
AUD 0.9558 0.0000 0.00%
EUR 0.6462 0.0000 0.00%
GBP 0.5509 0.0000 0.00%
HKD 5.6125 0.0000 0.00%
JPY 73.5500 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1322.6 1.400 2016-08-26T00:
Oil Brent 50.1 0.230 2016-08-26T00:
Oil Nymex 47.6 0.310 2016-08-26T00:
Silver Index 18.6 0.160 2016-08-26T00:

Indices

Symbol Open High Last %
NZX 50 7427.8 7430.4 7427.3 -0.48%
NASDAQ 5219.1 5253.4 5212.2 0.13%
DAX 10512.2 10613.1 10529.6 0.55%
DJI 18467.9 18572.1 18448.4 -0.29%
FTSE 6816.9 6857.3 6816.9 0.31%
HKSE 22827.2 22997.4 22815.0 0.41%
NI225 16485.5 16490.5 16556.0 -1.18%
ASX 5541.9 5544.4 5541.9 -0.48%