Ngāti Whātua Ōrākei has a new private investment partner to develop Te Tōangaroa, prime real estate in central Auckland. The deal will include commercial buildings and also extends to education and other initiatives that will benefit the iwi.
Ngāti Whātua Ōrākei deputy chair Ngarimu Blair says this is an opportunity for the city centre to again become a bustling area.
“The hopes are to see Auckland thrive again, off the back of Covid. To see these parks, cafe’s, bars, whatever else, all filled with people in the city. That’s our aim.”
Ngāti Whātua Ōrākei and two companies, one of the largest privately owned investment firms in Asia, PAG and Auckland developer, Precinct Properties in Auckland will develop two commercial buildings for long-term lease. And the iwi will put its stamp on the development.
“With this partnership there was only one thought, to adorn Auckland City Centre with traditional Māori artwork, ancient trees, to let people know this is a Māori area, although it may be Auckland to most, the land is still thriving with its original people.”
Further joint ventures
The iwi battled for what little land it could last century. Te Tōangaroa shows how things have changed over time, and even though this partnership will be the coming together of global investors, the land will still be owned by mana whenua.
“From here we are able to do what we can for the iwi; revitalise the language, establish homes in our villages, and give out scholarships to students who are interested in getting into business. Those are just some of the benefits.”
The tribe has not said how much it’s spending on the development, only that it’ll be an asset and source of revenue for Ngāti Whātua, for years to come.
The two companies are acquiring a 56% stake in two buildings: a nine-level building at 8 Tangihua St and an eight-level building at 30 Mahuhu Crescent, tenanted by BNZ.
Precinct is contributing an initial $10 million but is expected to add more capital to prepare for the re-leasing of the buildings.
The listed property company and Ngāti Whātua are also working together on plans to redevelop the downtown car park building on Customs St West.