from the Realtor’s website:
“Colliers Wellington has been exclusively appointed to sell 6-10 Ngaio Road, Waikanae by way of Deadline Private Treaty, closing at 2 pm on Wednesday 13th March 2024 (will not be sold prior).
“Located at 6-10 Ngaio Road, Waikanae, this single-story commercial building was originally constructed circa 1973. Major alterations were made in the early 1990s to accommodate the current supermarket tenant, Woolworths. Since the commencement of the lease, ongoing upgrades have been carried out.
“The property features a land area of 2,329 sqm and a net lettable area of approximately 1,720 sqm. Presently occupied by General Distributors Limited, T/A Woolworths, the property is under a secure 6-year lease that commenced on January 1, 2024 and extends until the final expiry date in 2059. The combined net rental ending 1 January 2023 was $329,167 per annum plus GST.
“Woolworths benefits from the use of the public car park adjacent to the property which is owned by Kapiti Coast District Council.”
This says that Woolworths is not closing the operation, rather the existing owner (Woolworths?) wants an investor to buy the building and Woolworths will lease it. This arrangement isn’t unusual when the internal rate of return on operations for a business is well above the capital gain rate on property. —Eds
We came to Waikanae in 1977 & the only supermarket was Writeprice in Connelly Court. So it was after this it was built, but dont remember when.