PHOTO: KEVIN STENT/STUFF Māori ownership at Shelly Bay is now over.
Māori land ownership at Wellington’s Shelly Bay has now ended after the trust involved sold its final block for a loss.
A newsletter to Taranaki Whanui members on Monday says the trust sold its fourth and final piece of land at the site for $10 million to The Wellington Company, owned by developer Ian Cassels and his partner Patricia Caitlin Taylor.
The newsletter insisted that Port Nicholson Block Settlement Trust (PNBST) – which manages the Treaty of Waitangi settlement for Taranaki Whanui – would work with the Wellington Company through the Shelly Bay development.
PNBST bought the land for $13.3m almost a decade ago but through a series of recent transactions sold most of it for $2m, then the last block for $10m.
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