Located within the town centre of Porirua, North City has been providing quality national and international retailing to its catchment for over 25 years. The two-level centre is supported by an adjoining New World supermarket under separate ownership.
On 11 April 2018, Kiwi Property entered into an unconditional agreement for the sale of North City. The asset is recorded at its net sale price and the capitalisation rate and 10-year IRR are the equivalent rates based on the asset‘s gross sale price of $100 million. Settlement is expected to occur no later than July 2018.
North City is home to more than 100 specialty retail stores.
5.0 million people pass through North City's doors each year.
our retailers are housed in more than 25,000 sqm of modern retailing space.
|ownership interest (%)||100|
|date acquired (constructed 1990)||Dec-93|
|net lettable area (sqm)||25,514|
|net rental income ($m)||9.5|
|weighted average lease term (years)||3.9|
|net sales proceeds ($m)||99.1|
|equivalent capitalisation rate (%)||8.38|
|equivalent 10-year internal rate of return (%)||9.8|
|annual sales ($m)||113.6|
|specialty sales ($/sqm)||8,800|
|specialty gross occupancy costs (%)||12.5|
All statistics are for the year ended/as at 31 March 2018
North CityGet directions
With over 100 stores, North City has every shopping need covered in one convenient and easy location. Key retailers include Farmers, Kmart and Reading Cinemas.
department stores and DDS
To speak to our Centre Manager, please contact:
We're passionate about providing exceptional spaces for retailers to flourish. If you are looking for great retailing space at North City, contact our leasing team today.contact us