Election of Trustees

This year is an election year for the Trust.  Three Trustees will be retiring by rotation (but will remain eligible for re-election) on Saturday 8 October, when the triennial local government election takes place.  Nomination forms and candidate information packs will be made available at the offices of South Wairarapa District Council in Martinborough from Friday 15 July when nominations for the three positions open.  Nominations must be received no later than 12pm on Friday 12 August.

The Trust understands and appreciates the value of diversity and is striving to achieve optimal diversity around the board table.  We particularly encourage candidates to step forward from the community who are women, tangata whenua, from a broad range of ethnicities, younger members of the community, and individuals with disability.

Given the Trust has recently diversified its asset portfolio into managed funds, we also encourage candidates with a strong financial and investment background to consider standing.

If you have the desire to give of your time and skills in support of the Greytown community as a member of the Trust Board but are not sure what the candidate requirements are or what the role entails or would just like to know more about the objectives and activities of the Trust before putting your name forward, you are welcome to contact the Trust Manager, Helga Perry, for further information by calling her on 027 451 7011 or by emailing  admin@greytowntrustlands.org.nz.

Property and Managed Funds Portfolio – June update

Early this year the Trust purchased a residential property in East Street with the intent to re-market as quickly as possible to generate a quick profit to be added to our managed funds portfolio.  A huge thanks to Dave and Jennah from Property Brokers for all their efforts in marketing and selling this property.  With the sudden downturn in the market and changes to lending criteria the profit was not as great as we had hoped however a profit of just over $19,000 was generated for very little effort.  It was an opportunity that came about when the property became surplus to requirement by its owners, the Ministry of Education, and offered back to the original owner – the Trust – at market value under section 40 of the Public Works Act 1981.  The Crown purchased the property from the Trust back in 1960 for state housing purposes and in 1972 it was set apart for a teacher’s residence.

We had substantially more success with the recent sale of one of the Trust’s non-core commercial properties.  This being Farmlands located in Pahiatua.  The property sold for $1.5 million and settled at the end of March.  The $1.5 million was transferred to Craigs Investment Partners to continue to build on the Trust’s managed fund portfolio.  This aligns with the Trust’s Statement of Investment Policies and Objectives (SIPO) which can be found on our website.

Since September 2021 when Trustees resolved to divest some of its assets into managed funds, a total of $5.9 million has been invested with Craigs Investment Partners.  This money has accumulated from matured term deposits derived from the sale of property and retained earnings, and the recent sale of the Pahiatua Farmlands building.

Trustees have resolved to sell one further property, resulting in a portfolio split between property and managed funds that is more balanced and risk-averse.

On the tenancy front, the Trust would like to welcome its newest tenant Zoe Emily Crudwell.  Zoe has transformed the space at 64B Main Street – formerly the Arcadia retail shop – into a stunning boutique tattoo studio – The Shadow Gallery.  Something a little different for Greytown which has been warmly welcomed.  We wish Zoe all the best with her business and thank Arcadia for their three and a half year tenancy.

The Trust currently owns seven commercial properties in Greytown, one in Wanganui and four pieces of community land.  Revaluations carried out as at 31 March 2022 has indicated the Trust’s total property portfolio is valued at $17,267,000.

Community Dividend (grant funding) for 2022/23

Trustees at their March meeting adopted the budget for 2022/23.  The allocation available for community dividend is confirmed at $107,700 as per last year, and aligns with our Strategic Plan 2021-2024 to hold our community distribution at this level over the short term (five years with a review at the end of year three).

Funding priority continues to be education bulk funding for the four local Greytown education providers and Greytown Sport and Leisure Society.  Trustees agreed to underwrite the Executive Officer salary following a recent survey of the GSLS clubs.  The survey indicated there was tremendous support for and reliance on the assistance and services provided by the role of the Society’s Executive Officer. The intent is to secure funding from other sources in the future which would free up funding to be made available for other community activities.

Community Lands

The Trust will consult shortly with the public on the Greytown Trust Lands Trust community lands.  Keep an eye out for further details.

(The above update was published in the June edition of the Grapevine, a local Greytown monthly publication distributed free to all homes and local businesses.)