Quayside Holdings retains 20 per cent of its profits to diversify its portfolio to ensure a stable, long-term dividend for future generations and to enhance regional development. In line with this goal, it has engaged in a joint venture partnership with a local developer, to act as the vehicle for investment into the development of commercial real estate in Rotorua.
Lakes Commercial Developments Limited (Lakes) is held on a 50/50 basis with Rotorua developer TPB Properties. Lakes has acquired a number of commercial properties; however its current keystone project is the development of a large city centre site in Rotorua, which will be a new regional office for Bay of Plenty Regional Council. The building will also house a café and nationally recognised law firm Morrison Kent. The architecturally designed 1800m² building holds significant historical value, with aspects reflecting the relationship between Ngāti Whakaue and the city’s leaders when Rotorua was being established.
This development is one of a number that Quayside is involved in that demonstrate its desire to invest across the whole region to support economic growth and good social outcomes for local communities. The decision to build in Rotorua’s central business district also reflects Quayside’s confidence in the area and is likely to result in new private sector developments nearby. The unique nature of the design of the building will prove to be a valuable asset that the wider community can be proud of. It is due for completion in early 2020.