Shelly Bay deal approved

Stuff reports:

A joint venture to develop could begin by the middle of the year, with the iwi’s new board confirming plans after a fresh round of consultation.

The latest step in an on-again, off-again plan, the approval appears to clear the way for a major new housing and commercial development to the north of Wellington International Airport on the shore of the Miramar Peninsula.

In September the Port Nicholson Block Settlement Trust (PNBST) announced plans for a major development of the land, acquired in its Treaty of Waitangi settlement in 2009, as part of a joint venture with The Wellington Company. …

Shelly Bay currently represents about 60 per cent of PNBST’s asset base, but Mulligan said the returns were poor and were constraining its development.

“The current state of the buildings and infrastructure requires huge investment and capability from a highly reputable property developer,” Mulligan said.

After becoming chairman, Mulligan held a number of meetings with iwi members in an attempt to ease concerns about the development and to explain the need for it, given the trust’s financial position.

“There was a lot of misinformation or lack of information about the arrangement, and we were frank and honest with our community about the situation with the trust.”

While the development’s progress was still subject to council consents, Mulligan hoped the project would not be put on hold again.

“It’s not our intention to go around in circles again.”

Good news for Wellingtonians and good for the Iwi.