August 19, 2014
Ngati Whatua defend Aecom price
A director of Ngati Whatua’s Whai Rawa commercial arm is denying it paid too much for a building in its Quay Park precinct.
Ngarimu Blair says the purchase of Aecom House from the Russell family was part of a long term plan to diversify its asset portfolio out of ground rentals.
He says the steel-framed, granite clad building has a five star green rating, and it has solid tenants.
"Really good value though I note an article in the Herald today by the so-called property reporter saying we have paid double its value and saying it's only worth $35 million. She has simply gone to a 2011 valuation of the land without the building on top of it. Pretty lazy, careless journalism, painting us as dumb Maori or something. That – we are certainly not," Mr Blair says.
Ngati Whatua Orakei Whai Rawa Ltd is working on a plan to increase the value of the Quay Part precinct to its tenants.
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