Retail mega-sale attracting interest
Four hectares of The MegaCentre is to be sold, including the land occupied by The Warehouse, Briscoes, Harvey Norman, Burger King and Toy World.
The $35 million freehold site, comprising stages two, three and four of the MegaCentre development, has been owned by Australian company the Centro Group since it was completed 10 years ago, says Andrew Brown of Jones Lange LaSalle real estate.
The syndicate holding the land is coming to the end of its life, hence the sale, he says.
There has been plenty of interest in the land, mostly domestic but also international, Mr Brown says.
With interest rates being so low, buyers see this as an ideal time to borrow to invest, he says.
Expressions of interest in the block close on October 4.
Attractions for buyers include its location, high-profile retail tenants, 591 carparks and a huge projected growth in Porirua’s population, Mr Brown says.
It is the biggest retail block to come up for sale in the Wellington region this year.
The site’s 20 tenants bring in a net operating income of $3.16m.
The buyer would have the opportunity to break up the block or build on it, Mr Brown says.
For sale: A prime slice of Wellington’s retail land, right in the heart of Porirua.