| The people of Masterton collectively own a significant proportion
of the land and buildings in their own town now worth more than $56 million. This level of community ownership of property, unique
in New Zealand, began when the Masterton Trust Lands Trust was established in 1871, almost by accident. Since then, the Trust has
built its original unwanted land and cash assets worth £165
into a substantial
property portfolio
which includes some of the town’s most valuable land and
buildings.
The Trust leases, builds and develops its property, with the
ever-increasing income from rentals being reinvested and distributed
in the form of grants, primarily to assist educational activities
within Masterton. Grants for cultural and community activities
are also made annually.
Every three years the community elects a Board
of Trustees to
govern the Trust, which employs a manager to run its day-to-day
operations. |
