An artist's impression of the Nui development in Pāpāmoa. Photo/Supplied
An artist's impression of the Nui development in Pāpāmoa. Photo/Supplied
A new housing development on prime beachfront land at Pāpāmoa is projected to deliver solid returns to the Ngāti Whakaue Assets Trust, which is now looking for more land in the Bay of Plenty to invest in.
Titles to the 23 lot high-end "Nui" development at 462 Pāpāmoa Beach Rd are about to be issued, with more than one third already sold.
Prices for the house and land packages range from $695,000 to $1.2 million and profits will be distributed back to iwi members.
The Nui development as an artist sees it. Photo/Supplied
Ngāti Whakaue Assets trustee Jason Rogers said they had the ability to distribute up to 75 per cent of their annual surpluses back to the iwi.
"These typically go back to our marae and are used for renovations, upgrades to facilities such as the Wharekai and other capital items.
"We also support a wide range of tribal initiatives including Ngāti Whakaue's annual whakanuia event, which celebrates our culture and people."
Rogers said the Nui development was the third major direct investment the trust had made since 2012. The first two, a 15 per cent shareholding in Radius Residential Care and a stake in the Kaingaroa Timberlands Forestry Estate, both delivered impressive financial returns and have helped the trust grow its asset base to $20.1m.
Ngāti Whakaue Assets trustee Jason Rogers. Photo/Supplied
"Ngāti Whakaue Assets Trust manages a portfolio spread across a mix of assets. We set aside a segment of our portfolio specifically for private equity and direct investment opportunities as we believed they would achieve better returns than listed equities, listed managed funds, fixed interest bonds and term deposits," Rogers said.
The trust partnered with Ngāti Manawa Developments Ltd to fund the Nui development in March 2017.
Rogers said it was one of the last parcels of land close to the beachfront, along that specific part of Pāpāmoa Beach Rd.
"We liked the location, the builder, ZB Homes, and the land was consented. So we provided the capital to acquire and then develop the land. We have strong commercial experience and capabilities within our trust and a proven track record of direct investment and private equity so we're looking forward to realising the opportunities Nui presents for our iwi."
Rogers, who is also in charge of nationwide land acquisition and funding for Generation Homes, said the trust was now keen to hear from other landowners within "the golden triangle" of Auckland, Hamilton and Tauranga who were interested in working together.
"We are always looking for good opportunities and plan to do more in the land development and housing space ranging from 10 to 50 lots. We have commenced investigations into a Ngāti Whakaue housing scheme, however, these are in early stages."
Physical works for the Nui development including roading, water and services were completed several months ago. Titles are about to be issued and a show home will open in six weeks' time.
Nui offers a combination of single-level and two-story three- and four-bedroom homes with elevated coastal views plus scenic vistas across the Pāpāmoa Hills. The land sits northwest of Pāpāmoa Beach Resort and Pāpāmoa Domain, and is directly across the road from the beach.
In a Bay of Plenty Times story last year Percy Rd residents said they were concerned with the lack of consultation about the development primarily around the single road access and increased traffic flow on their road.
