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 Landlord

Capital 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.

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