Lands Trust Masterton hopes to sell its share of the former Cornwall Street School property to the government through the Office of Treaty Settlements.
Lands Trust Masterton has owned one-third of the site since it was built in 1952, and leased this to the Ministry of Education ever since.
The ministry's part of the Cornwall St property will enter the Office of Treaty Settlements land bank for future settlements which are yet to be negotiated.
Surplus school land owned by the government is being offered to iwi through the Office of Treaty Settlements for purchase under a first right of refusal process. Trust chairman Alan Sadler said it made sense for the trust to cancel the lease and sell its portion of the land so the whole school site could be disposed of as one.
"This also removes our potential liability to clear damaged buildings located on trust land that cannot realistically be separated from those on Ministry land," he said.
