Taranaki shopping mall changes hands for $32m
Tuesday 19 October 2004
New Plymouth's only shopping mall has been sold for $32 million.
By The LandlordCapital Properties New Zealand Ltd announced yesterday it had entered into an unconditional contract to buy the 16-year-old Centre City complex from Durran Holdings in February.
The new owners plan to spend $6 million on improvements and upgrade work.
Capital Properties chief executive Chris Gudgeon said they had just spent five weeks carrying our extensive investigations to develop future plans for the centre.
Capital Properties is a long-term investor in commercial property and is listed on the New Zealand Stock Exchange Limited (NZX).
Its portfolio, worth nearly $430 million, includes Government and private sector offices in Wellington and Auckland.
Read More - Opens in a new window
Commenting is closed
Getting rid of “no cause” termination notices only serves to protect bad tenants and will have a negative impact on the broader community, not just landlords, according to landlord advocates.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.