The Pukeroa Oruawhata Group has revealed its assets are now worth more than $200 million with several major projects - including the transformation of Rotorua's old RSA into offices and a cafe - expected to boost its coffers even further.
The Ngati Whakaue-owned group has revealed work on its newspa development is set to start early next year at the Lakefront, while plans are also being drawn up to convert the former RSA building on Haupapa St into a cafe and office space.
It has also confirmed it is in talks with a major retail chain, although details remain under wraps.
The details come as the group announced it had appointed a general manager for the first time, to help manage the growing business. Peter Faulkner, who had previously worked as a client manager for the trust as part of his role at Deloittes, is now employed full time by the group.
Pukeroa Oruawhata Group chairman Malcolm Short said news the group's assets had passed the $200 million mark was something it was "very proud of".
It is a big thrill to get to the $200 million. It is certainly not unexpected - that is what we were working towards.
We had a business plan to advance the profits of the trust. These are the fruits of hard work and good management.
Mr Short said the new projects - which also included the development of a five-star hotel on its lakefront land - would not only further increase the asset base for its owners, but "many jobs will be created in the community".
He said the trust had gone from "existing on the smell of an oily rag" in the early days to where it was now.
Mr Short said as developers the group had concentrated on attracting the right tenants for its properties.
He said the growing success was good news for Rotorua as a whole, and the Ngati Whakaue beneficiaries.
"The success has a wide impact. We are very proud and it is great for our beneficiaries."
Mr Short said education and health grants were some of the ways the group gave back, and the better it did, the more it could help.
Pukeroa Group Finance and Expenditure chairman David Tapsell said it was a great result for the Pukeroa Group and its Ngati Whakaue owners.
"Five years ago we set ourselves ambitious growth projections so to exceed those projections is extremely satisfying."
He said specific details - including by how much they had exceeded projections - would be revealed to the Ngati Whakaue owners at the organisation's annual general meeting in November.
Rotorua mayor Steve Chadwick said news the assets had exceeded $200 million was great.
"It is very profound. That is from the return of the railway land. Look at what they have turned it into with very wise stewardship."
She said it was great to see the group reinvesting in the district.
She said they were a group that didn't brag and just "got on with the business".
"We are getting to know these are very strong investors."
Mrs Chadwick said Ngati Whakaue would be a key partner when it came to further revitalising the central business district, especially when the council was looking at inner city housing initiatives.
"They are not going to up sticks and go. That is a message about iwi investment."
While the group's growth was great for its beneficiaries, it was also creating jobs in Rotorua - and not just in the retail projects, she said.
"They are big employers. Our kids that get great degrees and went away can now see there are good jobs to come back to."
Waiariki MP and Maori Party co-leader Te Ururoa Flavell said he saluted Pukeroa Oruawhata for raising the value of its assets and contributing to the Rotorua economy.
"I hope that they continue to invest in their people in tangible ways with jobs and social good."
About the Pukeroa Oruawhata Group
- A group of business entities owned by Pukeroa Oruawhata Trust.
- Owns more than 40ha of land within the CBD with the main sites being Rotorua Central, Trade Central and Lakefront.
- Administers more than 230 leases which are a mix of commercial, ground lease, and residential.
- Has more than 5100 owners with returns to owners made by way of distributions and grants through its charitable trust.
