Property

The property business unit continued 
to progress well across 2024-2025. 
The major upgrades were to the Te 
Poho o Tuariki accommodation blocks 
including roofing, guttering, and power 
network. These improvements have 
performed as intended with the 2025 
winter showing no leaks or significant 
power issues. While some further 
weather-tightening and power board 
upgrades will still be required over 
time, the buildings are now in a much 
stronger condition.

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Last year saw significant work with 
local council and legal processes on 
the Hendersons Line and Ongo Road 
subdivisions completed, positioning the 
unit for future revenue opportunities. 
Despite the ongoing demands of 
maintaining older assets, rental 
income remained steady and the unit 
contributed positively overall.