Raumati Village retail block sold

RANDALL WALKER
Last updated 14:31 15/01/2014
Raumati Shopping Village

RECEIVER SALE: The east block of Raumati Shopping Village has been snapped up by a Wellington buyer.

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Kapiti Observer

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Receivers have sold one block of the Raumati Village shopping centre but a taker has not been found for the older seaside block.

A Wellington-based commercial investor has bought the two-storey east block, comprising five retail sites and five office sites, plus two properties used for parking. It will change hands on May 30. Receivers Deloitte would not disclose the buyer or the price.

Raumati Property Holdings Management, which owned the east and west block of the shopping village,  went into receivership on March 25, with debts of about $5.5 million.

Two residential properties adjacent to the east block, 13 and 13a Margaret Rd, owned by another company but also part of the receivership sale, were also sold to a Raumati Beach investor, and would settle on January 30.

Colliers real estate agent Rick Stace said there were 20 tenders across the various options, including west block, east block or both, but tenders including the west block fell short of the receivers' expectations. The east block buyer did not tender for the west block.

Mr Stace said the single-title east block previously had resource consent for subdivision into six units, the five ground floor retail units and the top floor as one unit, ''so I think he's going to try and get resource consent to complete that ... and then look to perhaps divest those units individually''.

Tenants in both blocks had leases and it would be business as usual for them.Receiver David Vance said the west block remained on sale, while the receivers looked to alleviate concerns expressed by tenderers, including the roof which needed repairing or replacing.''We're not anticipating the sale of the west block for some number of months.''

He said the west block, which included three commercial premises on Rosetta Rd, was more suitable for development, being older, single-storey, needing more maintenance and not making the best use of the site.''There's a lot of empty space around the back and the sides of some of the buildings.

On the same amount of ground you could probably add another five or six shops if you changed the layout. And it's only single story and if you wanted to develop it you could put some things upstairs if you wanted to.''

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