Hawke's Bay supermarket sales to raise funds for Foodstuffs' expansion

Three Hawke's Bay Foodstuffs supermarkets are for sale to fund growth in Wellington and Carterton.
New World Hastings, Greenmeadows and Waipukurau were for sale along with New World Miramar, New World Marton and Pak'n'Save in New Plymouth.
All properties had 15-year lease terms, along with two 10-year right-of-renewals.
Foodstuffs (Wellington) Co-operative Society's property division general manager Wayne O'Styke said the company was committed to the long-term future of its brands.
"We are upgrading New World Island Bay in Wellington and are about to start on the expansion and upgrade of New World Carterton.
Also under way are plans for supermarkets in the Wellington suburbs of Churton Park and Newlands.
"Later this year, we will be starting work on New World developments near the Basin Reserve on the fringe of the Wellington CBD, and also in Tawa where we will be taking over and enlarging the property currently occupied by a Woolworths store and mall," Mr O'Styke said.
"The scope and size of these developments requires a considerable degree of funding, and to access that, the company has prudently chosen to realise capital from some of its property ownership."
New World Hastings was a 4956sqm building on 1.2ha of land, returning $870,000 a year in rent.
The site included a fuel outlet.
New World Greenmeadows in Napier was a 4423sqm building on 1.3ha of land, returning 840,000 a year in rent.
New World Waipukurau was a 2679sqm building on 6516sq m of land, returning $420,000 a year in rent.
Rent reviews were scheduled every two-and-a-half years.
Foodstuffs (Wellington) co-operative, members trade under the Pak'nSave, New World, Shoprite, Write Price and Four Square brands. The properties were being marketed by Bayleys Wellington through a tender closing on June 23.