The majority of them are performing well. The obvious exceptions are the NRC building, the Blue Goose and the Kaituna Block, etc. These need to be dealt with in various ways.
Putting these non-performing exceptions aside, there has been little debate on the merits of retaining or selling our commercial portfolio. Some candidates have tentatively expressed the view that they should be sold, the reason being to reduce debt.
My view is that the performing properties should be retained due to the fact there is no guarantee that once the properties are sold and debt repaid, the Council, at some point in the future, would not start borrowing again.
In addition, we get the benefit of rental income and the appreciation of the assets.