Ex-All Black’s prop­erty sells for $8.4 mil­lion

Kapi-Mana News - - FRONT PAGE - CHLOE WIN­TER

‘‘At the mo­ment de­mand far ex­ceeds sup­ply and that is a great po­si­tion to be in as the largest landowner in Pe­tone.’’

A firm jointly owned by for­mer All Black Chris­tian Cullen has sold its prop­erty in Lower Hutt to an in­vest­ment group for $8.4 mil­lion.

Caniwi Cap­i­tal said it had pur­chased the one-hectare site in Pe­tone from Til­ley Prop­er­ties, mak­ing the com­pany the largest prop­erty hold­ers in the Hutt Val­ley. Til­ley Prop­er­ties, which is owned by Cullen and David Mon­nery, who has acted as Cullen’s man­ager, bought it in March 2015 for $6.3m.

Com­pa­nies of­fice doc­u­ments show Cullen and Mon­nery each own 50 per cent of the com­pany.

Cullen, who has been ap­proached for com­ment, grew up in Paekakariki, and at­tended Kapiti Col­lege.

Known as ‘‘The Paekakariki Ex­press’’, he was blis­ter­ingly quick at his peak, and his pace and eva­sion made him one of the game’s best-ever bro­ken field run­ners.

Cullen, who played mostly at full­back, re­mains the sec­ond-top try scorer in All Black his­tory, touch­ing down 46 times in 58 tests.

Caniwi ex­ec­u­tive chair­man Troy Bowker said the deal was done through Mon­nery. He did not have any con­tact with Cullen.

The pur­chase was based on Pe­tone’s con­tin­ued and grow­ing pop­u­lar­ity as a bulk re­tail store des­ti­na­tion, Bowker said.

The prop­erty, next to Pak n’ Save, is on a long-term lease to Carters build­ing firm with an ex­piry date of 2033.

‘‘In Welling­ton, Pe­tone is the only location that ticks all the boxes for shop­pers look­ing for the big box re­tail ex­pe­ri­ence ... Kmart, Bun­nings, Rebel Sports, Palmers and Briscoes are all ei­ther op­er­at­ing in Pe­tone or plan­ning to with many oth­ers knock­ing on the door to get in’’.

The pur­chase in­creases Caniwi’s hold­ings in Pe­tone to three hectares, on three sep­a­rate ti­tles, all on An­nie Hu­gan Grove.

The com­pany se­cured The Ware­house Pe­tone in 2010 for $10m, which was fol­lowed four years later by the pur­chase of Ware­house Sta­tionery across the road.

On top of that, it also owns a Lower Hutt prop­erty which is leased to the Min­istry of So­cial De­vel­op­ment.

De­mand for space meant land values and un­der­ly­ing rental rates per me­tre would con­tinue to rise, Bowker said.

‘‘At the mo­ment de­mand far ex­ceeds sup­ply and that is a great po­si­tion to be in as the largest landowner in Pe­tone.’’

Caniwi Cap­i­tal port­fo­lio also ex­tends into Welling­ton city. It owns two stu­dent ac­com­mo­da­tion blocks, leased to Vic­to­ria Univer­sity, on The Ter­race and Boul­cott St.

In March, Cullen be­came the in­au­gu­ral re­cip­i­ent of the Tall Poppy Leg­end of Sport award, an­nounced in con­junc­tion with the Kapiti Sportsper­son of the Year Awards. The award cel­e­brates a sportsper­son who achieved amaz­ing re­sults and ex­em­pli­fied sports­man­ship dur­ing their ca­reer.

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