Since our last pānui to members, our commercial board Te Atiawa Iwi Holdings Limited Partnership (‘TAIHLP’) has been engaged extensively in progressing due diligence on commercial property rights in our Deed of Settlement (‘Deed’). This has included obtaining independent valuations, negotiating with the Crown, conducting geotechnical surveys, and finalising business cases for the acquisition of targeted commercial properties. We are pleased to advise that we will shortly begin acquiring a number of deferred settlement properties to add to our Te Atiawa property portfolio which currently includes the land under the New Plymouth Courthouse and Police Station and a third share in the Novotel New Plymouth. The table below provides an update of planned acquisitions:
|Record St, Bell St and Coronation Ave, New Plymouth||Terms to acquire these properties have been agreed with the Crown. TAIHLP will settle these shortly and will develop these sites over the summer period.|
|Liardet St, New Plymouth||Progressing due diligence and business case.|
|Tukapa St, New Plymouth||Terms to acquire this property have been agreed with the Crown. TAIHLP will settle this property shortly and will hold it while it considers and prepares a development strategy over the coming 1-2 years.|
|Bayly St, Waitara||Still progressing due diligence and business case.|
|De Havilland Dr, New Plymouth||Terms to acquire have been agreed with the Crown. TAIHLP will settle these shortly and develop over the long-term.|
|Education House Cnr Elliot Street and Courtney Street, New Plymouth||Still progressing due diligence and business case.|
|Barrett St, New Plymouth||Still progressing due diligence and business case, in particular awaiting the Crown to provide a clean and clear site.|
|Atkinson House Devon Street West, New Plymouth||Still progressing due diligence and business case.|
|Standish St, Seaview Rd and 186-188 Tukapa St, New Plymouth||Terms to acquire have been agreed with the Crown. TAIHLP will settle these properties shortly.|
|David St, Vivian St and Autere St, New Plymouth||Terms to acquire these properties have been agreed with the Crown. TAIHLP will settle these shortly and will immediately develop and sell these properties.|
Implementation of the approach above aligns with our commercial property strategy to:
- Becoming a best in class property developer;
- Building a high-quality commercial property investment portfolio;
- Developing a land bank that positions Te Atiawa as a leading property developer over the long-term; and
- Delivering optimal value for Te Atiawa Iwi.
To achieve a strong diversified property portfolio there will be an appropriate mix of trading in the short-term where there is no value in holding, residential developments, long-term commercial investments (and leased to tenants) and longer-term land banking in order to deliver optimal value for Te Atiawa.
As we have previously communicated, we will seek to provide the best terms for iwi members when commercial properties are offered to the market. In cases when Te Atiawa undertakes our own residential developments, they be branded and named to reflect Te Atiawa values and there will be a sales process that allow our Te Atiawa hapū and whanau to participate.
Expressions of Interest – 1 Autere Street, New Plymouth
The TAIHLP commercial board has undertaken extensive due diligence and planning and consider the property at 1 Autere Street, New Plymouth is not a strategic fit to hold within its property portfolio. Tenders are currently being sought for its purchase. Expressions of Interest for this property will open publicly on 3 August 2019 and close on 21 August 2019. Registered members of Te Kotahitanga o Te Atiawa Trust should identify themselves if submitting an expression of interest to purchase this property.
Please forward expressions to;
Neale Parkinson 027 446 1550|