Ngati Whatua asset value rise 22pc, now $888.6m

Ngarimu Blair with his daughter Ngatira Blair age 6 outside the new housing development on Ngati Whatua land in Orakei. Photo/Dean Purcell

The commercial arm of Auckland's largest iwi, Ngati Whatua, has released its annual report for the June 30, 2016 year revealing a 22 per cent investment portfolio value rise to reach $888.6 million.

Ngati Whatua Whai Rawa made $49.3 million annual revenue, well up on last year's $27.9 million, largely due to this year's $18.2 million sales revenue when not a cent was recorded as sales revenue last year.

Property rental revenue, mainly from leasehold Auckland land, also rose from last year's $21.7 million to $25.8 million this year.

Net profit before tax and investment property revaluation was $13.1 million, up $10.5 million on 2015, accounts showed.

Since 2013, Whai Rawa said it had made $15.8 million cash distributions to the trust and associate Ngati Whatua Whai Maia; increased total assets by 64 per cent from $554 million; increased equity by 97 per cent from $315 million to $622 million; and contributed more than $20 million to housing initiatives.

Rob Hutchison, Whai Rawa chief executive, said iwi were benefiting.

"Improving the living conditions for members within Orākei had been a priority of the Ngāti Whātua Ōrākei group over the past three years. This has been a watershed year in this regard. With such a significant work programme completed in 2016, we believe this goal has now largely been achieved," Hutchison said referring to the new 30-residence Kainga Tuatahi development on Kupe St beside Bastion Point.

A statement said more about its property interests.

"While Whai Rawa's property investment portfolio has benefited from the continued strong growth in land values across the Tāmaki Isthmus, its strategic acquisition of ex-Defence Force land on the Devonport Peninsula in 2013, the allocation of portfolio across various property types, and its participation in the proposed Auckland Unitary Plan process has enabled Whai Rawa to make the most of these market conditions in 2016," it said.

TDB Advisory's Iwi Investment Report 2016, released last week, showed how Whai Rawa and the South Island's Ngai Tahu made the best returns of any iwi and that post-settlement total assets of eight iwi were valued at around $6 billion.

Read the full annual report here