Rūnanga Continues To Invest Locally

Rūnanga Continues To Invest Locally

Ngāpuhi Asset Holding Company Ltd (NAHC), a subsidiary of Te Rūnanga Ā Iwi o Ngāpuhi, has taken another step in it’s long term plan to be a significant player in the local economy by buying Kaikohe’s Caltex service station.

Rūnanga Chairman Raniera Tau said the Caltex purchase was a significant investment for the organisation that would reap further rewards downstream.

“It provides us with an initial foothold as a major retailer in Kaikohe, particularly given the prominence of the site at the entrance to the township” said Mr Tau.

“Ngāpuhi have been asking why we haven’t been investing in the Kaikohe area. While the net returns for individuals in small business might be sustainable, it’s different when you have 124,000 potential shareholders.

“Ngāpuhi is now making good progress with it’s investment strategy and we must ensure that we are continuing to make sound financial decisions” he said.

Mr Tau said locals would initially notice few changes. However over the coming months there would be cosmetic changes to improve the service station’s look and feel before a start was made on a major programme of redevelopment.

NAHC chairman, Sir John Goulter, said the strategic corner site offered a number of opportunities for retail development which NAHC would explore, including the presentation of aspects of Ngapuhi culture.

“The present owner will be relocating the workshop, spare parts, and car sales facilities within the next few months and we anticipate starting the first stage of redevelopment early in the new year,” said Sir John.

“This is a particularly exciting opportunity for Ngāpuhi.”

Mr Tau added: “We would hope that our people see this purchase as a real step forward for us, and that they show support for our local ownership.”

The settlement and take over date is July 27, 2010.

ENDS

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