Shareholders of a Wellington iwi trust claim that their trust is trying to sell off land which was part of their treaty settlement to make a profit.

Members of the Port Nicholson Block Settlement Trust claim that the trust hasn't consulted with them.    

Patsy Tomoana, a beneficiary of Port Nicholson Block Settlement Trust, says there are plans to develop land at the former site of Wainuiomata College.

"I don't like what they are doing to us. 

"My younger sister said it's like Parihaka, we will go and pull the pegs out."

Another beneficiary, Anania Randall says claim they've been left in the dark.

"No consultation with us and no information provided with us - and I say 'with us' - I'm talking about our hapū from Waiwhetū who have maintained ahi kā here since 1824."

The site was returned in their treaty settlement, and now the Port Nicholson Block Settlement Trust has divided the land into 80 sections with plans to build houses for a selling price of $450,000 each.

The trust's chairman, Wayne Mulligan, says it's a wealth creation initiative for all beneficiaries of Taranaki Whānui.

"Our plan is to offer home ownership, total outright ownership for our families and we're working really hard so that families can actually build equity."

He also says if they don't progress forward the land will lay dormant.

"We're only doing phase one now, it has to be financially viable, so we can build more houses for our people. If it's not financially viable it'll be like it is - it's been empty land for 30-20 odd years." 

The housing scheme is called Matehou and the trust says in time, benefits will flow to all beneficiaries.