Ngati Apa in the Lower North Island is confident its recent purchase of a large retail complex in Palmerston North will give the iwi some exceptional returns - due to the calibre of its tenants.
Harvey Normans in Palmerston North. Photo: SUPPLIED
Ngati Apa Developments director Andrew French says the tribe is landlord to high profile retailers.
He says his iwi is very happy with the purchase for several reasons including buying the retail property just below the market valuation of $10 million for $9.6 million.
And the fact that it is tenanted by three well known businesses: Dick Smith Electronics, Harvey Norman and Uncle Bills, who he says are very solid stable tenants.
The Palmerston North purchase follows the tribe's 17% investment last year in the Trafalgar Square Mall complex in Whanganui.
There, the iwi spent $2 million of the $15 million it received as part its Treaty settlement with the Crown in 2011.
