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