Trustees are pleased to advise that on 01 June 2022 we took back the leasehold interest for two of our properties. Both properties were under perpetual lease preventing the Trusts from developing this land and earning market rent.
Wellington Tenths Trust property at Gilbert Road farm in Kaitoke, Upper Hutt is a 75 hectare dairy farm that has been under perpetual lease for many generations. On 1st June 2022 the full title is now back with the Trust. The land will remain as a dairy farm for the forseeable future. However, we are now able to realise greater value for this whenua on behalf of our whānau now that we are not constrained by having the land under perpetual lease.
Palmerston North Māori Reserve Trust property at 19, 21 and 27 Ngata and 38 Carroll Streets are four commerical properties currently used by an early childhood centre, KidiCorp. These properties were also under perpetual lease. When the lessee expressed his interest to move out of his lease Trustees moved quickly to secure this transaction. The land and buildings are now under freehold title, giving full control back to the Trust. The four buildings are still used by KidiCorp but the lease now sits directly with the Trust not the lessee with market rent applied.
In addition to these two properties, Wellington Tenths Trust Trustees have been working with Wellington City Council on the Granville Flats lease that was due to be renewed in May 2023. The land leased by the Council under perpetual lease since 1960 holds 107 residential units. The Council with the Trust agreed to release their lease hold interest returning it back to the Trust. Council will remain under lease with the Trust until May 2024 providing enough time to rehouse the tenants, remove the existing buildings and making the land ‘good’ again for the Trust to develop in the near future.
Ngā mihi nui
Anaru Smiler, Chairman, Wellington Tenths Trust and Liz Mellish, Chairman, Palmerston North Māori Reserve Trust