Poriruas Premier Retail Destination

2, Titahi Bay Road, Porirua, Porirua

By Negotiation

Proposed Usage
Retail
Floor Area
25403.00 m²
Land Area
29355.00 m²
Description:
Property ID
1bzb8m9

Located within Poriruas city centre, North City Shopping Centre ('North City') has been providing high-quality national and international retailing to its catchment for over 25 years. CBRE (Agency) Limited ('CBRE') are proudly working with Kiwi Property Group ('KPG') to present the sale of North City at 2 Titahi Bay Road, Porirua, Wellington.

Investment Highlights Include:
* Fully enclosed three level Regional Shopping Centre
* Two anchor tenants; Kmart and Farmers Department Store
* 68 specialty tenancies, 11 kiosks, 11 food court tenants and eight suites of office accommodation
* 29,355sqm site area
* 25,403sqm total lettable area
* 3.9 year WALT
* 1,102 car parks
* 99% leased
* 5.4m annual customer traffic
* $9,291,011 net passing income per annum plus GST

As Poriruas premier retail destination, North City provides great fashion and essentials servicing Wellingtons northern district. This offering presents a rare opportunity to acquire a dominant Regional Shopping Centre, with strong trading performance, an extensive trade area and future growth opportunities.

With over 100 stores, North City has every shopping need covered in one convenient and easy location. North City is a fully enclosed three level Regional Shopping Centre, anchored by Kmart, Farmers Department Store ('Farmers'), and Reading Cinemas. A New World supermarket (owned by a third party) directly adjoins the centre and effectively provides a fourth anchor.

In addition, there are two small commercial properties available for sale at 7 and 10 Lydney Place. These properties were purchased by the current owner for their potential to assist in the future expansion of North City.

CBRe is offering North City to the market by way of an International Expressions of Interest ('EOI') campaign. Prospective purchasers are invited to submit an EOI no later than 4pm New Zealand Standard Time (NZST) Thursday 21 September 2017 and all offers must be provided to CBRE, the exclusive agent.

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Porirua Area