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February 02, 2017
Chair of the Port Nicholson Block Settlement Trust Wayne Mulligan
Waatea Team
Posted On February 2, 2017
Chair of the Port Nicholson Block Settlement Trust Wayne Mulligan
The Port Nicholson Block Settlement Trust has confirmed it is going ahead with a 50/50 joint venture to develop a former defense base at Shelly Bay on the Miramar Peninsula.
New chair Wayne Mulligan says Shelly Bay has provided very poor returns since it was bought from the crown for development in 2009, and at 60 percent of the portfolio it constrains the trust’s growth.
He says the current state of the buildings and infrastructure requires huge investment and capability from a highly reputable property developer.
Mr Mulligan says there had been a lot of misinformation or lack of information, so since becoming chair he consulted further with iwi members in an attempt to ease concerns about the development and to explain the need for it, given the trust's financial position.
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