Kāpiti property on market for first time in 30 years

A high-profile property on the northern route from thriving Kāpiti has a new six-year lease in place to Woolworths, with final expiry in 2059.

Located at 6-10 Ngaio Road, Waikanae, the single-storey commercial building is being sold by deadline private treaty, closing at 2pm on Wednesday 13 March.

It is being marketed by Dean Anderson and Managing Director Richard Findlay of Colliers Wellington.

“This is an excellent opportunity for investors seeking a secure and stable addition to their portfolio.

Prominently positioned on Ngaio Road, a vital route from Kāpiti to the rest of the North Island, the property boasts an approximate land area of 2,329sq m and a net lettable area of 1,720sq m,” Findlay says.

Current net rental is $329,167 plus GST per annum.

Built around 1973, it underwent major alterations in the early 1990s to accommodate the current supermarket tenant, General Distributors Limited, trading as Woolworths.

The supermarket has leased the building since 1983 with ongoing upgrades undertaken throughout its tenure.

The supermarket benefits from the use of the adjacent public car park, which is owned by Kāpiti Coast District Council.

Anderson says this is the first time the site has been available for sale in 30 years.

“Kāpiti is Wellington’s fastest-growing region with more and more people commuting to the city from here.

"The tenant is blue chip and clearly has confidence in the location, which it has occupied for more than 40 years.

“The added benefit is that it’s just 50 metres from the main transport hub of Waikanae.”

The high-profile site is situated in the growing Waikanae town centre, one of Kāpiti’s northernmost regions.

The town is a hub for diverse commercial activities, featuring shopping, a cinema, two health centres, and the new Toi Mahara gallery.

Waikanae train station is two minutes’ drive away and the expressway is nearby.

As of the latest data available in 2020, the combined population of the Kāpiti Coast District and Horowhenua District is estimated to be around 91,500, indicating a growth trend compared to the previous census.

These districts consistently witness a steady increase in population, with K?piti standing out as the fastest-growing region in Wellington.

This expansion is linked to the opening of Transmission Gully motorway in March 2022, prompting a rise in people moving north of the capital city.

Kāpiti Coast currently constitutes approximately 10.8 per cent of the total population of the Wellington region.

- Supplied by Colliers