Kiwi property has announced the sale of North City, a Porirua based shopping centre, for $100 million.
The centre, which is a 15-minute drive out from Wellington, has been bought by Australian property business Angaet Group.
Colliers international has been appointed as the real estate agents managing the $100 million sale. The site is one of the main shopping destinations for locals in the Porirua area and boasts 68 specialty tenants, 11 kiosks, 11 food tenants and eight office suits.
The centre has been around since 1990, refurbished in 1994.
Colliers International’s Real Estate Management team is New Zealand’s largest independent property, and manages the largest portfolio of shopping centres in New Zealand. The groups experience with large centres and trading means they are skilled to handle the change of ownership between the two.
Colliers International real estate management national director Richard James says they been working with the purchasers for a number of months and are delighted to be appointed.
“We’re excited to build upon our strong relationship with Angaet Group, and look forward to providing the growing catchment of the Greater Wellington region with the best possible shopping experience.”
James says Colliers International has substantial experience in successfully transitioning centres to new owners.
“We have a depth of knowledge across large retail assets that is unrivalled in the New Zealand market,” he says.
“North City has been an iconic shopping destination for the Porirua community for more than 25 years, and we see huge opportunities ahead.”