27 Nov 2013

Tribal landlord looking for partners

10:09 am on 27 November 2013

A Lower North Island tribal landlord is looking for partners to invest in its commercial property portfolio in Palmerston North.

Ngati Apa recently bought a retail shopping complex in Palmerston North's Rangitikei Street which is tenanted by high-profile businesses Dick Smith Electronics, Harvey Norman and Uncle Bills.

Ngati Apa Developments director, Andrew French.

Ngati Apa Developments director, Andrew French. Photo: RNZ

Andrew French, director of the tribe's developments, says the property will be a great investment for other small tribes like itself which have settled with the Crown.

He says Ngati Apa would love to work with other iwi because it has they have empathy and an affinity with other tribes which have recently settled Waitangi Tribunal claims.

Mr French says buying shares in the Trafalgar Square Mall complex in Whanganui last year gave it the confidence to start purchasing properties this year, and it is keen to share its knowledge and experience with other iwi.

Ngati Apa wants to form good relationships with other tribes and share in the benefits that that could bring.

The business structure of the property in Palmerston North is a Limited Partnership, which enables Ngati Apa to take on other partners so the benefits and risks of the investment can be shared, he says.