Published 25 January 2010
Building supplies retailer Bunnings Ltd has bought the lease on the Mitre 10 outlet in Tory St, central Wellington, from the receivers and plans to open a new store there in the first quarter of the year.
The Tory St site became available when Brian Mayo-Smith & Andrew Bethell (BDO Spicers Ltd) were appointed receivers of the companies owned by Auckland property developer Rob Vincent which ran 3 Mitre 10 stores in Wellington. The other 2 sites are in Crofton Downs & Kilbirnie.
Bunnings’ national property & development manager Dan Kneebone said on Friday: “Wellington has traditionally been a successful market for Bunnings, and the new store will provide trade & DIY customers access to an even wider range of products in the building & home improvement sector”.
Mr Kneebone said Bunnings would discuss ongoing employment opportunities with existing shop staff and intended to make a significant investment in the 3200m² Tory St store despite the recent challenging economic market conditions.
Bunnings entered the New Zealand market in 2001 through the acquisition of Benchmark Building Supplies and has invested more than $300 million in New Zealand, growing the chain to include 17 large-format Bunnings Warehouses & 25 small-format stores. The first purpose-built Trade Centre opened in East Tamaki this month and construction is well advanced for the new Bunnings Warehouse Dunedin. New stores have also been announced for Te Awamutu & Glenfield.
In Wellington, the Tory St acquisition gives Bunnings a foot into the central city market. The company will also upgrade its Lyall Bay store this year to a large-format Bunnings Warehouse. Its other warehouse-format stores in the region are at Porirua & Naenae.
Mr Vincent is also a director of Albany Hardware Holdings Ltd, Chaffers Properties Ltd, Lighter Ltd, Norfolk Mangawhai Ltd, Paradigm Management Ltd, Waiheke Properties Ltd, Warkworth Commercial Properties Ltd & Warkworth Grange Property Investments Ltd. Law firm Glaister Ennor’s application to wind up Chaffers is due in court on Friday 12 February, and its application to wind up Warkworth Grange is due in court on Wednesday 10 February.
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.