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PROPERTIES UPDATE
Since our last pānui in August, the commercial subsidiary has been continuing to progress the pipeline of property acquisition opportunities available via rights secured as part of the Treaty settlement. This has included due diligence, valuation and negotiation with the Crown and its agents. If appropriate this leads to full business cases and ultimately acquisition by the commercial subsidiary.
We have begun acquiring properties and building our portfolio in the rohe and will be shortly commencing our first developments.
This pānui gives a general update on activity and on some specific more imminent project.
Te Atiawa Property Strategy
Implementation of the approach above aligns with our commercial property strategy to;
- Become a best in class property developer
- Build a high-quality commercial investment portfolio
- Develop a land bank that positions Te Atiawa as a leading property developer over the long-term
To achieve a strong diversified property portfolio there will be an appropriate mix of trading those properties we see no commercial value in holding, residential developments of varying scales, long-term commercial development and investment and longer-term land banking.
Development Progress Summary
Our strategy determines our approach to individual property opportunities;
Record Street Development – approach to hapū and iwi members
As we have previously communicated, we will seek to provide preferred access for iwi members when the commercial Board carries out developments, not only will the developments be branded and named to reflect Te Atiawa values, but there will be a sales processes that allow for whanau to participate.
The Record St property in Fitzroy has been acquired and will be the site of Te Atiawa’s first residential subdivision. In conjunction with members of Ngāti Tāwhirikura hapū the following name and brand have been created for this project:
The huia – a symbol of leadership – refers to the ancestor Te Kekeu, a prominent leader amongst the Ngāmotu people in the 1850’s and 1860’s.
Te Kekeu will deliver 16 sections to market with works beginning in early November 2019. There will be a pre-release of 6 x sections exclusively to Iwi / Hapū members. Marketing materials and processes for Expressions of Interest will be distributed in the coming weeks.
