The 35-year lease to run the NSW’s profitable land titles registry has been sold to a consortium led by First State Super and Hastings Fund Management for $2.6 billion, in a move heralded by NSW Premier Gladys Berejiklian as a ‘massive infrastructure boost’ and by almost everyone else as a bad idea.
The only profitable part of the state’s Land and Property Information (LPI), the land titles registry, which currently makes about $130 million in net profit annually, was bought by Australian Registry Investments (ARI), a consortium made up of 80 per cent Australian institutional investors.
But while the government has argued that selling the lease to operate the land titles registry to the private sector would spur ICT investment and speed up the system, scores of real estate agents, surveyors, lawyers, unions and community groups have slammed the sell-off and called it a disaster.
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This article first appeared in sister publication, Government News.