Plan Change 14 (‘The Rural Plan change”) provided for Transferable Development Rights and an active market has developed for the sale and purchase of “titles”, with Council now approving appropriate transfers of subdivision rights.
The sale of “rights” is not uncommon but in the context of transferring rights for subdivision purposes, the rights being purchased are the rights attached to a vacant title. The land itself is not sold. Where a vendor owns more than one adjoining title, or an approved right to create an additional title on the same property (the donor site), they can sell the rights attached to the vacant title to a purchaser wishing to transfer those rights to their own property (the recipient site). With the consent of Council, these rights can be transferred, and the purchaser acquires a new title on their property and the vendor amalgamates their two titles.
With the creation of Auckland Council, and the division of the Franklin District between Auckland and Waikato, some transferable lot subdivisions are also occurring between the two local authorities.
If you are interested in utilizing these provisions by either selling or purchasing additional titles, give our office a call. There are some unique opportunities in the market place at the moment that we can assist you with, and we may be able to put you in touch with buyers and sellers.