Te Tumu Paeroa has managed the upgrade of 12 self-contained flats in upmarket Parnell, so that extra rental income can be earned and set towards other Māori community housing projects.
The apartment complex was originally built in 1969 to accommodate Māori who were moving to the city for study or apprenticeships. The upgrade has hugely improved the complex, which was previously called Te Taumata flats. Renovations have directly contributed to a significant improvement in rental income and overall value.
Te Tumu Paeroa, The New Māori Trustee, has project managed the project. Jamie Tuuta, head of Te Tumu Paeroa, says the work reflects the goals of his organisation, which are focused on unlocking the potential of Māori assets.
“Te Tumu Paeroa is working to assist Māori landowners to get their assets working. Well-performing assets means more benefits for land owners, as well as more benefits for Māori and Māori communities,” says Jamie.
This project has unlocked rental income, indicated to be in excess of $300,000 per annum. This income belongs to the Auckland and Onehunga Hostel Endowment Trust (AOHET), for which Te Tumu Paeroa is the statutory trustee. The $300,000+ will be pooled with income from other property held within the trust, and applied to chosen Māori housing projects.
Furthermore, the apartments, which are situated within walking distance of the University, will allocate a number of rooms for Māori Post graduate and Doctoral students.
For further information, or to apply for student accommodation, please email glenda.whitehead@tetumupaeroa.co.nz
