Supermarket buys houses for land
Khandallah New World has bought two adjacent properties with an eye on future expansion.
The supermarket, which is situated on the corner of Ganges Rd and Dekka St, is bordered by several residential properties.
Foodstuffs property and retail development general manager Marty Price said the properties had been bought to provide flexibility for possible expansion in the future.
There were no immediate plans for redevelopment or expansion at present, he said.
The former owners were now renting the properties from Foodstuffs and were not required to move out at any specified time.
It was likely the tenancy terms for both properties would be extended, should the former owners wish to remain for a longer period, he said.
‘‘The sales were brokered by an independent Real Estate Agent with all parties receiving independent legal advice.
‘‘After reviewing the contracts both parties were happy to sign and conclude a sale transaction.’’
One of the former owners contacted by The Dominion Post said she was unable to discuss any details of the sale.
The Dominion Post