Ngāti Kahungunu acquires Carterton retail properties from Irwin family

The Carterton New World is one of four retail businesses whose property is now owned by Ngāti Kahungunu. Photo / Google Maps / Screenshot

New Zealand’s third-largest iwi has confirmed the purchase of the Irwin family company, Knutsons Limited, which owns property in Carterton tenanted by New World, Domino’s, Kāinga Eatery and Carterton Pharmacy.

Ngāti Kahungunu ki Wairarapa Tāmaki-nui-a-Rua, whose territory extends from Nūhaka in Northern Hawke’s Bay to Cape Palliser in South Wairarapa, acquired 100% of the company’s shares, making the iwi’s investment subsidiary the landlord to the local retail businesses.

The purchase, for an undisclosed sum, is another investment by the iwi following its historic Treaty settlement, signed with the Government back in 2021 for $115 million.

The chair of the settlement trust, Paora Ammunson, said relationships and community are at the heart of the Wairarapa.

“Several of our trustees and whānau members have long-standing connections with the Irwin whānau, who have contributed so much to Carterton over the years,” Ammunson said.

“The family’s property developments have supported and enhanced our local retail environment, and we are honoured they have trusted us to take over as kaitiaki for these properties.”

Ammunson also expressed his sympathy to the family of Doreion Hard, who recently died near New World Carterton, and said his thoughts and aroha are with Hard’s whānau and friends.

Paora Ammunson. Photo / Supplied

Irwin family representative Finlay Irwin said the sale of the company was not an easy decision, but he expressed confidence in the iwi’s ability to take over.

“The iwi is embedded in the Wairarapa community for the long term, and we know that they will be a responsible, committed landlord,” Irwin said.

“We share a passion for Carterton and we want to see it thrive well into the future.”

The family have been key stakeholders in the town for generations, with the local supermarket originally named Knutson’s New World, before the family eventually sold the supermarket to Foodstuffs back in 1997, but retained ownership of the land.

After purchasing the neighbouring site owned by Foodstuffs, which had been planned to turn into a petrol station, the family built the Knutson Development, home to the other retail businesses now under Ngāti Kahungunu ownership.

Irwin’s passion was shared by Carterton Mayor Ron Mark, who said he was pleased to see ownership of the retail development remaining in local hands.

“The Knutson name is well-known by many,” Mark said.

“I’m delighted that Ngāti Kahungunu ki Wairarapa Tāmaki-nui-a-Rua has chosen to invest in Carterton’s business community and that the Knutson and Irwin family’s legacy will continue with new vibrancy.”

Andrew Watters, the chair of the Ngāti Kahungunu ki Wairarapa Tāmaki-nui-a-Rua Investment Trust, said the facilities are relatively modern and fit for purpose. “However, we have a long-term interest in working with our tenants to develop the site to meet their needs.

“Like any good commercial landlord, we will fund development where it is supported by a strong business case.”

Watters confirmed the sale has been in process for over a year, with the decision made because the property is in the heart of the iwi’s rohe (tribal area) and met its investment hurdles relating to returns and risk management.

He said the iwi’s families were the very first traders in the Wairarapa, and buying the key retail hub is symbolic of the iwi’s return to and reconnection with its whenua and trading heritage.

“The trust wanted these properties because they are good commercial assets, the tenants are high quality, and we were able to purchase them at a fair price.

“The Knutsons Ltd purchase is our first major commercial purchase and aligns with our strategy to establish a strong economic foundation, diversify our assets and grow our tribal presence across our mana whenua rohe.”

To celebrate the purchase of the land, the iwi plans to host an event, with details to be released soon.

Late last year, the iwi announced it hoped it would soon be able to buy Takitimu Seafoods’ leased site and have it tenanted pending future development.

The land is leasehold and currently owned by the Napier City Council, but the iwi wants it and is working with the council and Treaty post-settlement entities to secure it.

At the iwi’s latest annual meeting, it recorded a June-year surplus of $9.04 million, compared with a 2022-2023 year deficit of $2.09m after losses of almost $4.5m from “discontinued operations”.

Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.