A large Canterbury super centre, and adjoining development site, that is on the market is expecting a quick sale as the regions retail sales figures rise above pre-earthquake levels.
The Northwood Supa Centa is a large retail centre with a development site attached. Sitting at a hearty 7.35 hectare and 12.9 hectares, respectively. The site includes New Zealand retailers such as Harvey Norman, Countdown, The Warehouse, Noel Leeming and Smith City, as well as 24 specialty tenants within the net lettable area of 33,062 square metres.
Marketed by Tim Rookes and Brent McGregor of CBRE on behalf of Fund Manager AMP Capital, the area is expecting to gain both international and domestic buyer interest.
“This is a significant opportunity to acquire a well-established retail centre with proven performance, along with a substantial adjoining development site to future proof the investment,” says Rookes. “The centre has an enviable mix of established national and international brands with solid trading track records, and the neighbouring land has excellent mixed-use potential. We expect strong national and international interest; particularly as large format retail centres are tightly held.”
Canterbury retail sales are continuing to grow, now surpassing that of pre-quake numbers. With 94 percent occupancy, the centre generates an annual net passing income of $6,826,221 plus GST, with the opportunity to add value particularly in the fast-growing food and beverage segment.
The first thing that grabs you is the 500 metres of road frontage and corner aspect onto Main North Road says Rookes.
“People already know it as a destination. Potential development of complementary uses, including residential and retirement housing, creates opportunity to add value to the existing retail offering.
“Additional retail space could be added in a manner that supports the existing retailers, creating greater critical mass for Northwood as a shopping destination.”
As the city centre of Christchurch shifts and expands outwards to reflect new developments, this retail area will only become more relevant