242-266 Victoria Street. Expressions of Interest and Property Summary.
2D Brooklyn Road and 778 Heaphy Terrace
Hamilton City Council's Municipal Endowment Fund (MEF) is our tool for investing in commercial property, namely land banking for future developments, property development, joint ventures and equity partnership. Through these investments the MEF generates income that is used to reduce the rates requirement of the City, is reinvested back into the MEF, or is used to benefit Hamiltonians by increasing value through development of Council-owned property. It's important to note that the income is not used to fund our Long-Term Plan.
With the portfolio currently valued at approximately $56 million, including 13 properties which make up close to 44% of this value, we're re-activating the MEF and looking for property investments we can get involved in.
The MEF's seven principle objectives are to:
- Maximise the returns on the Municipal Endowment Fund Investment through property rental income and capital appreciation.
- Maintain the real value of the Municipal Endowment Fund Investment and distribute maximum returns to Council or in accordance with guidelines as otherwise determined by Council from time to time.
- Manage properties in a professional and ethical manner ensuring compliance with legal and best practice requirements.
- Manage the Municipal Endowment Fund Investment in a prudent manner to minimise specific property and portfolio risk exposures.
- At the time of new acquisition have an investment plan which provides clear guidance covering types of properties, their location and approved activities of tenants.
- Operate sound control practices to prevent unauthorised transactions.
- Provide timely, accurate and understandable information to Council on financial and other matters relating to the Municipal Endowment Fund Investment.
Click here to download FAQ
Click here to read the Municipal Endowment Fund Investment Policy.