PORIRUA'S bulk retail sector continues to grow after a Wellington family-based property investment company bought an established mixed-use building for nearly $5 million.
Wellington Beds are the principal tenants of the complex at 20 Parumoana Street and 10 Wineera Drive, occupying nearly 2500 square metres.
Colliers Internationsl brokers Chris Gollins and Nick Leggett, who marketed the property, said the vendor was an associated company which had taken an initial leaseback of six years.
The other tenant, the Nurse Maude Association, which contracts its services to the Capital and Coast Health Board, has just renewed its lease for three more years. Together, they pay a total rental for $449,000.
The buyers were attracted by the buiding's location near the bulk retail MegaCentre. Mr Leggett, a Porirua City Councillor said he would still like to see Porirua's bulk retailing sector mature more rapidly.
"There are still areas of the city that are ideal for bulk retail that need to be converted to this higher and better use" he said.
"It will come, but at the same time the council needs to be active in beautification of the city to provide a much higher standard of amenity than we have now."
"We must ensure the city exceeds their expectations, then the retailers will really see the benfits of co-locating in Porirua with the substantial cluster we have already." Mr Leggett said.
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