Settlement trust frees cash from Shelly bay quagmire

The Port Nicholson Settlement Trust has sold the last of its land at Shelly Bay to its development partner for $10 million.

The former defence base was bought by former trust chair Sir Ngatata Love soon after the signing of the settlement by Taranaki Whānui, but it has proved an expensive white elephant, tying up the trust's assets and embroiling it in legal battles that have blocked development.

In a special newsletter to members, the trust says the price paid by The Wellington Company for the title was excellent.

The funds will be invested in the sale and leaseback of government properties, increasing the trust's asset base and providing a constant income stream for the next 21 years.

It will also be used for its Te Puna Wai development in Wainuiomata, a mix of 89 freehold and rental whare, including social and kaumātua housing on land bought as part of the settlement.

It says the continuing partnership with The Wellington Company means some of the homes it is developing can be sold to uri at below market rates.

The deal has angered the iwi splinter group Mau Whenua, who say it was done without consultation or agreement from the iwi.

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