e 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.
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, Greytown Bowling Club, Royal NZ Plunket Trust and Cobblestones Museum Trust. Rents from this type of tenancy typically provide a lower return on asset value than for property.
For historical reasons, as might be expected, the majority of the property and land we own is located in Greytown. However, amendments in recent times to our governing legislation have allowed us to invest in property elsewhere in New Zealand.
Having taken advantage of these legislative amendments, we also own property located in Pahiatua, Whanganui and Napier.