Wanganui foundation sells land for $3m

The Countdown supermarket site. Photo/Supplied

Land under Countdown supermarket at 435 Victoria Ave has sold for $3 million to Auckland-based David and Eliza Fan's Yun Hwa Investments.

Wanganui Collegiate School Foundation (WCSF) owned the land which is on a perpetually renewable "Glasgow lease" with rent reviews every 21 years.

The next review falls in 2030.

WCSF chairman Ralph Goodwin told the Chronicle yesterday that the foundation is independent of the school, and it was a decision by the trustees to diversify its investments.

The sale, he said, had nothing to do with the school's integration into the public school system.

The foundation was created in the early 1980s with donations received from individuals and the capital base investments were used to drive income for approved activities at the school, Mr Goodwin added.

Mr Goodwin said the foundation's long-term purpose was to support Collegiate School's activities.

The land next to Countdown on which the Celtic stood, is not owned by WCSF.

A Countdown spokesperson commented that they had a long-term lease in place and there were no plans to move or expand.

"The details of our lease agreements are commercially sensitive, so I'm not able to confirm the rental amount."