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Retail hub on the market

Greytown development The Hub is up for sale. PHOTO/SUPPLIED

One of Greytown’s newest developments is on the market and expected to sell for about $5 million.
The Hub, developed by Westwood Commercial Limited and sitting on the site of the former Greytown Four Square store and adjoining land,
Westwood director Steve Pilbrow said the development was now fully leased with ten retail tenants, an office suite and Greytown Dental.
The development includes 30 car parks, accessed from West St.
“Anyone who reads The Times-Age knows we had our challenges, but we set out wanting to build a complex that would really lift Greytown and cement it as the Ponsonby or Merrivale of the Wellington region.
“That meant creating an environment and a real feature, not just a row of shops.
“Now seeing groups of people using the public space exactly as we intended and the smiles on our tenant’s faces, the challenges are soon forgotten.”
Hub retailer Siddhi Smith who owns fashion recycle store Encore, also owns another store on Auckland’s Ponsonby Rd.
“The majority of Greytown customers are older than those in Ponsonby, that’s the way it is there. But more younger people come at weekends. It’ll be great if that trade grows. I love it here though and a great thing is how welcoming and enthusiastic the other retailers are”
Marketing the property is Wellington-based Gollins Commercial.
Principal Chris Gollins has in recent years sold both the freehold and business of The White Swan, the Fresh Choice supermarket, and the freehold of Oak Estate motor lodge.
He said it would be a bonus to see ownership of the Hub retained in the Wairarapa.
“All of the properties I’ve sold in the Wairarapa in the past four years, just over $17million worth, have all sold to more distant investors, among them two to Christchurch and one to Wanaka.
With a net annual rental of almost $330,000 the complex is being marketed by way of tender with a closing date of September 29.

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