Wellington Scoop
Network

Entering property market: Ngāti Toa buy 24 apartments in Titahi Bay for $10m

News from Te Runanga o Toa Rangatira
Te iwi o Ngāti Toa Rangatira are now the proud owners of a 24 apartment property in Titahi Bay. Te Rūnanga o Toa Rangatira Chief Executive Officer Helmut Modlik is excited with the purchase of 24 View Road, saying that iwi ownership now offers a viable option for iwi members to enter the property market.

“Home ownership in New Zealand’s current property market is a hard task for most New Zealanders. The dream for our iwi is to utilise the assets we have to support our whānau into quality housing with affordable and viable home ownership options,” Helmut said.

“The purchase of the apartments is part of achieving our aspiration to enhance the health and wellbeing of Ngāti Toa Rangatira whānau through providing healthy and affordable housing.”

It was agreed at a Porirua City Council meeting on Thursday to sell the 24 apartments to Te Rūnanga o Toa Rangatira. Eleven of the 24 apartments have undergone refurbishment and have code of compliance, with the remaining 13 properties requiring remediation works.

Helmut says that while a robust Request for Proposal (RFP) process will be required to ensure transparency in contracting remedial work, when the time is right the Rūnanga will welcome iwi tradespeople to tender for this work as an additional opportunity for iwi members and whānau.

“One of our key strategies to ensure affordable home ownership is to offer low-cost annual landlease agreements in perpetuity, while enabling individal purchase of each unit and their chattels,” Helmut said.

“This means that the land will remain an iwi asset, but individual owners will own their homes and the chattels within them and remain free to make home improvements and build the value of their privately owned asset.”

“The next step for us is to take ownership of the property, which is expected to take place on 30 June, and then kōrero with our whānau to discuss our options as an iwi. We are also committed to pursuing the purchase of other properties to secure a sustainable future for more of our people.”

Press Release – Porirua City Council
Porirua City Council has sold 24 units in Titahi Bay’s View Road to Te Runanga o Toa Rangatira Incorporated (Ngāti Toa) for $10 million (including GST). The decision to sell was made by the full Council at a meeting last Thursday after weighing up two substantive offers, taking into account the offer amount, conditions and settlement timing. The offer accepted was unconditional, with a settlement date of 30 June 2021.

The units, which have weathertight defects, were sold “as is, where is”. Eleven of the units have recently been refurbished and meet healthy rental standards.

Porirua Mayor Anita Baker said the result was a positive end to what had been a long and thorough process. “This is a good outcome and we look forward to seeing these properties occupied again soon, providing much-needed housing in Porirua City.”

Content Sourced from scoop.co.nz
Original url

Content Sourced from scoop.co.nz
Original url

1 comment:

  1. D'Esterre, 20. June 2021, 16:08

    They’re leaky apartments, and there’s still a number needing remediation. The issues go back a long way, and they’ll be expensive to fix. I hope the iwi got good advice before purchase.

    I note the intention to offer these apartments as leasehold properties. As far as we know, there are no leasehold residential properties in Wellington. They’ve been a disaster up north, with land values skyrocketing, and ground rent radically increasing as a consequence. The iwi would be well-advised to talk to Ngati Whatua about this proposal. It makes more sense to have leasehold commercial property; a relative made a bucketload of money building factories and warehouses, and leasing them.