Long lease signed for North City
Kiwi Property has announced it has secured a 15-year lease with Farmers department store at Porirua’s North City Shopping Centre.
The announcement comes off the back of Kmart committing to a 10-year lease at the shopping centre and refurbishing the store.
‘‘This latest lease to Farmers locks in another long-term revenue stream from an important retailer, which has anchored North City for over 20 years,’’ said Kiwi Property chief executive Chris Gudgeon.
Retail sales at North City grew by 11 per cent for the year to September 2016, on a like-for-like basis.
Kiwi Property said the shopping centre had benefited from housing growth at the northern end of Wellington City and within Porirua.
‘‘There’s a lot of good stuff happening in Porirua,’’ Gudgeon said.
Wellington’s fringe suburbs have become increasingly sought after among first-home buyers as Wellington city’s market ramps up.
Porirua’s Cannons Creek beat Wellington suburbs Hataitai and Tawa to top Property Investor magazine’s list of leading property growth spots in August last year.
‘‘I think Porirua is the most brilliant city and there’s a lot happening at Aotea, which has 1500 sections on a 246 hectare site. There’s another 500 sections at Whitby and Silverwood,’’ Gudgeon said.
‘‘There’s good residential growth happening in the north part of Wellington.’’
Suburbs such as Whitby, Aotea and Pukerua Bay in Porirua have become more popular as New Zealand’s housing market bubbles continues to grow.
Gudgeon said Kiwi Property was talking to a number of global retailers and Australia was a good indicator of what brands could open here.
‘‘We are just across the ditch and once they are established in Australia they start to look at New Zealand.’’
Topshop recently announced the opening of a Christchurch store and H&M is set to open a flagship store at Precinct Property’s Auckland Commercial Bay shopping centre in 2018.