Tommy’s Real Estate brokered the deal that will see Mitre 10 open a high-profile Wellington City store in a prominent site, signaling a long-overdue vote of confidence in the beleaguered CBD.
It will replace The Warehouse in the Top of Tory complex that includes Noel Leeming’s and Commonsense Organics among other businesses as well as free car parking.
“We are extremely proud to have facilitated the Top of Tory lease for Stonewood Group and the new anchor tenant, Mitre 10,” Tommy’s Chief Executive Officer Ben Castle says.
“This is a significant milestone — and another good indicator that Wellington is turning a corner.”
The new 5,724-square metre store will combine a wide range of merchandise with green garden space, a cafe and a playground.
Mitre 10’s investment in the location is part of a resurgence of interest in the Capital’s commercial property sector after two years of being in the doldrums.
It comes on the heels of news that the Reading Cinemas site in nearby Courtenay Place will be redeveloped while several new retail projects are in the pipeline for Lambton Quay.
Ben says Mitre10 is an institution in New Zealand for home improvement, and for some time it has been searching for the right property and location to support the inner city and city fringe suburbs.
“The timing for owners Michael, John and the team at Stonewood Group timed in perfectly with their strategy for the site.
“The Reading complex sale, in the news last month, was a boost and now this transaction, of a premier retailer moving into the city, does highlight that the outlook is looking more promising.”
Ben says the last 24 months have been challenging for Wellington’s CBD.
“Alongside property, the changes to the job market, both private and public, coupled with the cost of living, interest rates and inflation, have all contributed to a prolonged period of subdued confidence.
“Therefore, the Mitre 10 move highlights that there is a positive sentiment returning to the market.”
The new store is expected to open this year or early next.
Ben jointly brokered the deal with the Director of MC Property, Sam McIlroy.
Both agencies say they are delighted to have facilitated a significant retail lease in Wellington and thank Stonewood Group and Mitre 10 for the opportunity and their trust throughout the negotiation.
