Rotorua Trust is placing its Eruera St property on the market. Photo / Supplied
Rotorua Trust is placing its Eruera St property on the market. Photo / Supplied
Rotorua Trust will place its Eruera St premises on the market this week, with the sale expected to create several benefits for the Rotorua community.
It is the first time the former residential property has been on the market in 20 years.
Sale proceeds will be put into the trust'sinvestment portfolio to deliver funding to the community through the its grants programme.
The property's current capital value was $925,000 as of September 1 last year, according to the Rotorua District Council's Rating Information Database.
Following the sale, the trust's three-person operational team will relocate to facilities in the new Haupapa House office hub which is nearing completion.
Rotorua Trust chairman Stewart Edward said the planned move to smaller premises was a good sustainability option, with the co-working space providing opportunities to reduce overheads and the trust's carbon footprint.
Rotorua Energy Charitable Trust chairman Stewart Edward (left) and deputy chairman Tamati Coffey outside the trust building. Photo / File
"Trustees consider that the property proceeds can be better leveraged within our diverse investment portfolio in order to generate returns that can be invested directly back into the community to have the biggest impact," he said.
The 265m², refurbished 1930s villa is nestled away from the heart of the city centre at 1358 Eruera St and sits among a mix of other residential properties, a number of which are used as commercial spaces.
The building can be restored to a residential property or retained for commercial purposes and will be marketed accordingly.
Edward said one of the roles of the trust was to effectively and responsibly manage and grow its assets, which has been done successfully since 1994 thanks to the careful management by past and present trustees and staff.
"Currently, the trust's funds are allocated across a range of ethical investments including trans-Tasman and global shares, property, infrastructure, natural resources, cash and bonds.
"The money from this sale will be reinvested back into our portfolio and the income will be distributed in a manner that will support the trust's kaupapa."
Edward said community groups had used meeting rooms in the trust's building in recent years. However, the demand had dropped significantly following Covid-19 restrictions, and the trust would support the remaining users to find alternative meeting spaces.
