By NZPA
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Wednesday 12th March 2003 |
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Tranz Rail chief executive Michael Beard said the company was close to completing a renegotiation that would allow it to sub-lease to outside parties for longer terms -- and set a formula for any return of surplus land, the New Zealand Herald reported.
The crown owns about 19,000ha of land under and next to the railway tracks. It was leased to the old New Zealand Railways, now Tranz Rail, in 1990 for 40 years with a right of renewal for 40 years.
The lease is administered by NZ Railways. When the Auckland rail corridor was sold in 2001 it was agreed that details of the head lease would be subject to negotiation.
Tranz Rail is seeking the ability to sublease for up to 20 years from the present seven years, which is not long enough to attract freight companies that may wish to invest in space in terminals.
Tranz Rail's move to long-haul trains which are broken up less means it needs less land for shunting yards.
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