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.

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