We own property (land with buildings on it) and land only for lease.
Property is leased to commercial tenants under market rent terms for periods varying typically from 1 to 5 years. Tenants include national brand companies like Downers, Farmlands and Stihl as well as a range of local businesses.
A typical commercial tenancy (Photo of one of the Arbor Place properties?)
Resulting from past decisions the bulk of our land holdings is leased in perpetuity to organisations who have constructed buildings on it for community use or benefit. Ownership of the buildings in these instances does not rest with the Trust.
Tenants include Greytown Rugby Club and Cobblestones Museum Trust. Rents from this type of tenancy typically provide a lower return on asset value than for property.
A typical community tenancy (Photo of one of the rent remission properties)
With the exception of one residual section leased for residential occupation the remainder of the land in our ownership is commercially zoned land currently vacant awaiting development or sale. This is currently returning no rent.