Briscoes is planning a large new bulk retail development on the former Colgate factory and office site near the Petone Railway Station.
Briscoe Group chief executive Rod Duke has confirmed it has bought the 1.3 hectare property but declined to disclose the price.
However, it is understood the property, which was put up for receivership sale in November, sold for $7,980,000 - less than its 2013 rating valuation of $8.4 million. The land alone was valued at $5.9m.
Duke said he planned to build new Briscoes and Rebel Sports stores on the site next year.
''For us there's a desperate need for a decent sized Briscoes and a decent sized Rebel Sports store in the Petone catchment. That's what appealed to me.''
Detailed plans still had to be worked out but some buildings on site would be demolished or taken away and others could be slimmed down to clear the way for development.
As well as providing for parking he wanted to put up a 2500 square metre Briscoes store, a 1000sqm Rebel Sports store and about 700sqm of additional space out the back.
The present Petone Briscoes store, which is next to the Pak'n Save in Jackson St, was about 30 years olds and simply too small, said Duke.
The old Colgate property has frontages on Nevis, Lochy and Te Puni streets and is across the road from the Te Puni mail centre which is being sold by NZ Post. It is also close to the Petone Warehouse store.
Former owner Tony Molenaar's company Petone Commercial Park Ltd, bought the property from Colgate-Palmolive in 2007 for $8,325,000.
Colgate's former administration building was leased to QV. Other parts of the property were leased to a child care centre and Storage One.
Molenaar, who was bankrupted two weeks ago, also planned to develop it as Petone Central Business Park.
Petone Commercial Park Ltd was put into receivership by Westpac in July last year.The Colgate property was sold on the instructions of Grant Thornton receivers David Ruscoe and Richard Simpson.
Simpson's six monthly receivers report ntsG published this week nte said Petone Commercial Park owed Westpac $6.4m plus default interest.
Although $8.6m had been recovered from the sale and from rents, there was unlikely to be any money to pay a $511,000 preferential claim by Inland Revenue or the $236,000 claimed by unsecured creditors.
At least 14 Molenaar properties in the Wellington region have been the subject of recent forced sales after his companies were put into liquidation or receivership by Inland Revenue and secured creditors included BNZ, ANZ Bank, Westpac and Monument Finance.
- The Dominion Post
Do you rent or own your home?Related story: $1m-plus in unclaimed bonds