As we move into a lockdown of the economy we are having to adjust to the issues that may arise.
Our Trusts are vulnerable to our tenants remaining viable and only time will tell how businesses survive.
Our tenants cover a wide range of activities including hostels, retail, offices, residential and rest homes each will have it’s own set of circumstances but all will be dealing with an economy that they have never experienced before.
The Trusts are managed by their management company Hīkoikoi Management Ltd and the office is closed for the duration of the lockdown. Staff are working from home but with a computer system that allows them to deal with the business issues as they arise. The objective is to protect the assets of the Trusts and preserve the client basis. We imagine that there will be numerous situations which will have to be discussed and negotiated with tenants and each will have different resolution.
We will be in constant contact with our property manager, bankers, and solicitors to ensure we make the right decisions as we navigate the new environment.
The Trusts are both in a strong financial position and were trading ahead of the results achieved in 2018/19 and have both been investing in new projects.
Our situation is no different to many New Zealand businesses but we accept that the decision made by our Government was best for New Zealanders and it is up to each and every one of us to make sure we comply with the recommendations and trust we get through this crisis.
Trustees of Wellington Tenths and Palmerston North Maori Reserve Trusts