A new commercial property and investment arm
established by the WDC is hoping to replicate the success of Far North Holdings
Limited, which has accumulated total assets of $211 million and produced a net
profit of $13 million last year, $5 million of which was paid out as a dividend
to the council to offset rate increases. The council says Whangārei District
Holdings Ltd (WDHL) is to
“manage the development of council-owned property
that has commercial or strategic opportunities.”
WDHL chairman Murray McCully has identified
the knowledge and education hub on the Forum North site as a key priority.
Let’s hope McCully and his fellow directors can achieve what councillors and
council staff have not been able to achieve to date.
The other directors are Northland Toyota
director Bryce Woodward, Kerikeri-based independent governance and strategy
consultant Nicola Faithfull, and Ngātiwai Trust Board chief financial officer
Angela Waetford.
