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Home arrow Other Coastlines arrow Matauri Bay arrow Coastal subdivision an iwi success story
Coastal subdivision an iwi success story PDF Print E-mail
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Other Coastlines - Matauri Bay
Written by The Northern News   
Thursday, 23 November 2006

A leasehold subdivision of a Maori-owned coastal block at Matauri Bay could be a model for similar developments throughout the country.

Rebounding from several years of court cases and injunctions in what seemed a lost cause, the Matauri X Incorporation, through a joint venture company, has paid off massive debts and is poised to create a 139-lot leasehold subdivision with features designed to protect and secure shareholders' special relationship with the land.

Matauri Bay Properties, a joint venture company between the incorporation and Blue Water Eco Developments, has drawn down part of a loan from an unnamed financial white knight.

It used the money to repay mortgages, loans and interest owing to Bridgecorp and Instant Finance, totalling about $6 million. The debts were incurred after the failure of a mineral water bottling company the incorporation invested in.

With the debt settled, development of the subdivision will start in February. Leases of up to 52 years will be offered.

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Last Updated ( Saturday, 21 April 2007 )
 
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