DEVELOPING VALUE NGĀTI WHĀTUA ŌRĀKEI WHAI RAWA LIMITED THE COMMERCIAL ARM OF NGĀTI WHĀTUA ŌRĀKEI TRUST
‘TE PAIME TEWHAI RAWAOTĀMAKI’/‘THE LUXURYANDWEALTHOF TĀMAKI’.
The 2013/14 financial year was the first full year of operations for Ngāti Whātua Ōrākei Whai Rawa Limited (Whai Rawa). During this period Whai Rawa established its strategic direction and set long and short-term goals. This strategic focus enabled Whai Rawa to make substantial progress and achieve success throughout the year. It is now well-positioned to deliver sustainable benefits to future generations of Ngāti Whātua Ōrākei.
Whai Rawa’s work over the 2013/14 financial year saw its total assets grow by almost 10% and its annualised revenues operating revenues increase by a similar amount. The Company’s investment portfolio also grew through significant transactions with government and major commercial players. Its purchase of a landmark commercial property in the central business district has strengthened Whai Rawa’s position as a serious participant in the Auckland property market. Closer to home, Whai Rawa is continuing to assist the Ngāti Whātua Ōrākei Trust in advancing the housing ambitions of the hapū. It played a leading role in the Kāinga Tuatahi project, which will deliver much-needed affordable housing opportunities. Whai Rawa has negotiated the gradual return of housing stock from Housing New Zealand. A refurbishment programme has now commenced, and Whai Rawa has set a high standard for how these homes will be renovated and maintained going forward.
GOVERNANCE PAGE 05
STRUCTURE PAGE 03
HIGHLIGHTS PAGE 04
CHAIRMAN'S AND CE STATEMENTS PAGE 06
WHAI RAWA’S POSITION WITH THE NGĀTI WHĀTUA ŌRĀKEI GROUP
OUR COMMERCIAL VALUE INCREASED OVER THE YEAR
THE BOARD IS A HIGHLY SKILLED GROUP OF INDIVIDUALS TASKED WITH GROWING THE ASSET BASE
THE GROWTH OF OUR ASSETS WILL CONTRIBUTE NOT ONLY TO THE WEALTH
OF THE HAPŪ BUT ALSO TO THE DEVELOPMENT OF AUCKLAND
OPERATIONS & LOCATIONS PAGE 14
FINANCIALS PAGE 21
OUR BUSINESS & FOCUS PAGE 13
PROFILES PAGE 16
WHAI RAWA HAS ESTABLISHED ITSELF AS A SIGNIFICANT PROPERTY HOLDER IN AUCKLAND
THE INCOME WE GENERATE ENSURES THE WELFARE OF OUR PEOPLE FOR GENERATIONS TO COME
PROPERTY IN KEY LOCATIONS
A PRODUCTIVE AND REWARDING FIRST YEAR
WHAI RAWA IS A WHOLLY-OWNED SUBSIDIARY OF THE NGĀTI WHĀTUA ŌRĀKEI TRUST WHICH WAS ESTABLISHED FOLLOWING SETTLEMENT OF THE WAI 388 TREATY CLAIM IN 2012.
The Trust is the tribal authority representing the descendants of Tuperiri.
Whai Rawa’s task is to manage and administer the assets of the Trust in a prudent, commercial and profitable way. It seeks to maximise the financial or economic returns to the Ngāti Whātua Ōrākei Group to support Ngāti Whātua Ōrākei whānau for generations to come. The Trust and Ngāti Whātua Ōrākei Whai Maia Limited use the dividend that Whai Rawa generates to contribute to the economic, cultural and social development of the hapū.
Kāinga (meaning home) Tuatahi (meaning the first) is an innovative papakāinga home ownership model, where Ngāti Whātua Ōrākei members will be able to release equity in their homes.
Kāinga Tuatahi is planned as a 30-home development on the Orākei papakāinga, spread over 9,112m2. The site extends across both sides of Kupe Street and down to Takitimu Street. It is the first new housing development on the Orākei papakāinga in ten years. The site layout incorporates shared open spaces, embracing the concepts of whanaungatanga, kaitiakitanga, manaakitanga and kotahitanga. Whai Rawa aims for Kāinga Tuatahi to be a high quality, sustainable, innovative development that will establish a standard for iwi housing developments nationwide.
Of the 30 homes being built, three will be two- bedroom homes, nine will be three-bedroom homes and the balance are four-bedroom homes. There is a possibility that the larger homes may be modified over time to incorporate a fifth bedroom in lieu of a garage. The homes are a mixture of standalone, terraced and attached homes. The designs have been influenced in part by feedback from the whānau who will purchase the homes from the hapū. The houses have been designed by Stevens Lawson, an Auckland-based architecture firm.
A HIGH QUALITY, SUSTAINABLE, INNOVATIVE DEVELOPMENT.Page 1 Page 2 Page 3 Page 4 Page 5
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