Re­tail mega-sale at­tract­ing in­ter­est

Kapi-Mana News - - NEWS - By AN­DREA O’NEIL

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.

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