February 03, 2017
Time for Trust to optimise opportunities
The chair of the Port Nicholson Settlement Trust says developing Shelly Bay will open up other opportunities for Taranaki Whanui in Wellington and the Hutt Valley.
The trust bought the former defence base in 2009, but when the initial development plan fell over there was no plan B.
Wayne Mulligan says because it accounted for 60 percent of the trust’s assets and was not generating money, a lot of other opportunities slipped away.
The trust has now confirmed it will go ahead with a 50/50 joint venture with Ian Cassell’s The Wellington Company to develop a mix of apartments, retail and a boutique hotel.
"There’s a lot of work to go and it will be a very long project. It's not something that's going to happen in a year or two. It's going to be quite drawn out and it will be at the best standards it can be. It will be at a price point because where it is, that will attract a certain buyer. Our role will be to ensure that we do a really good job and our partners and our joint venture company optimises the opportunities," he says.
Because the Port Nicholson Settlement Trust doesn’t have the cash to take up all the options it has to take over crown properties, Wayne Mulligan says it is giving other Taranaki iwi the chance to con-invest settlement funds in the capital.
FULL INTERVIEW WITH WAYNE MULLIGAN
Copyright © 2017, UMA Broadcasting Ltd: www.waateanews.com