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Revaluations and the end of a rent holiday for property owners leasing its central Auckland land has boosted the assets of Ngati Whatua o Orakei past the half billion dollar mark.
Its annual report for the year to June 2013 reveals assets of $593 million and a pre-tax profit of $107 million, five times last year’s $21.3 million.
It gained almost $99 million from property revaluations and $20 million from ground rents from tenants such as Countdown, Vector Arena, and banks, offices, shops and apartments built on former railway lands.
The iwi has also been working on creating opportunities for its people through its commercial arm, Whai Rawa.
It is embarking on a major property development push, including building affordable housing at Orakei and on former Navy land between Devonport and Belmont.
The hapu had 2268 registered members as at October 9 this year, which does not include children under 12 or members who have not registered,
Chairperson Grant Hawke says a highlight of the year was the passing in November 2012 of the legislation settling Ngati Whatua’s historic claims.
He says that allows the hapu to move into a new phase with a lot more control over its destiny and the way it can provide for future generations.
Copyright © 2013, UMA Broadcasting Ltd
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