Topic: Rereātea - Midday News

Ngāti Whakaue set to receive solid returns from housing development

By Regan Paranihi
  • Waikato/Bay of Plenty

The Ngāti Whakaue Assets Trust are expected to receive solid returns from a new housing development on the prime beachfront land in Papamoa.

Prices for the house and land packages range from $695,000 to $1.2 million and profits will be distributed back to iwi members.

Founding Trustee Jason Rodgers says 75% of the annual leftover funds go back to the iwi.

"These typically go back to our marae and are used for renovations, upgrades to facilities such as the Wharekai and other capital items. We also support a wide range of tribal initiatives including Ngāti Whakaue's annual whakanuia event, which celebrates our culture and people."

The Nui development will be the third major investment the Trust has made since 2012.

"Ngāti Whakaue Assets Trust manages a portfolio spread across a mix of assets. We set aside a segment of our portfolio specifically for private equity and direct investment opportunities as we believed they would achieve better returns than listed equities, listed managed funds, fixed interest bonds, and term deposits," says Rogers.

The Trust partnered with Ngāti Manawa Developments Ltd to fund the Nui development in March 2017 and now Rogers says the Trust is interested in working with landowners within Auckland, Hamilton, and Tauranga.

"We are always looking for good opportunities and plan to do more in the land development and housing space ranging from 10 to 50 lots. We have commenced investigations into a Ngāti Whakaue housing scheme, however, these are in early stages."

Nui offers a combination of single level and two story 3 and 4 bedroom homes with elevated coastal views plus scenic vistas across the Papamoa Hills. The land sits northwest of Papamoa Beach Resort and Papamoa Domain and is directly across the road from the beach.  For more information visit www.nuiliving.nz