You are using an older browser version. Please use a supported version for the best MSN experience.

Port Nicholson Trust eyes Wellington land

NZN 21/09/2016 Sophie Boot

Port Nicholson Block Settlement Trust, the Wellington Maori tribal investment vehicle, has posted its first annual profit since receiving its Treaty of Waitangi settlement in 2010.

Net profit in the year to March 31 was $54,495 from a $563,763 loss a year earlier the trust said.

Toarangatira Pomare, chair of the commercial arm of the trust, said the profit had been helped by the collective iwi selectively exercising its treaty settlement rights of first refusal and buying and selling property.

The trust's assets were depleted to $17.3 million in 2015, from $30.4 million at the end of 2010 but he said it aims to rebuild its assets to 2010 levels in the next five years.

"By managing the on-sale of selected properties carefully, we achieved revenues of $1.825 million and after costs realised more than $400,000," he said. "That amount will only grow as the commercial board further develops its investment profile around Wellington."

The trust is looking to purchase Crown land in Wellington's CBD from agencies including the Ministry of Education, the Department of Internal Affairs and the Ministry of Justice under deferred selection property rights. It says purchases of Victoria University's Karori campus land and the former Mt Crawford Prison in Miramar have been well signalled.

image beaconimage beaconimage beacon