Shopping centre in New Zealand's South Island
Bayleys in association with Knight Frank and Colliers are delighted to present a truly unique opportunity to acquire a 49% non-management share in five high-performing regional shopping centres across New Zealand. This portfolio includes Westfield shopping centres located in Newmarket, Albany, St Lukes, Manukau, and Riccarton, generating a combined $237.6 million* in fully leased net income across 280,504 square meters of prime retail lettable area.
Established in 1965 and having undergone multiple redevelopments with a recent leasing remixing in 2019, Westfield Riccarton offers a diverse shopping experience just 2.5km west of Christchurch's CBD. Anchored by major brands including Farmers, Kmart, PAK'nSAVE, and Hoyts, the two-level regional shopping centre boasts 7 mini-majors, 143 specialty stores and 25 kiosks. It is conveniently served by 2,400 car parking spaces.
https://cloud.realestate.colliers.com/ultimate-nz-retail-portfolio
Investment highlights:
- 98% occupancy rate.
- MAT of $588.5 million.**
- Specialty sales productivity of $14,568/sqm.**
- Located on Riccarton Road which supports 24,000 vehicles per day.***
- Foot traffic of 10.0 million customers in 2023.****
- 530,000 customers within a 30-minute drive.****
- Total trade area estimated retail spend of $9.1 billion in 2023.****
For further information on the sale process or to arrange an inspection, please contact the exclusive selling agents.
All figures are approximate and site boundary outlines are indicative only.
*Estimated NOI as at June 2024
**GST inclusive, based on December 2023 figures
***Christchurch City Council
****Scentre Group 2023 Property Compendium
Established in 1965 and having undergone multiple redevelopments with a recent leasing remixing in 2019, Westfield Riccarton offers a diverse shopping experience just 2.5km west of Christchurch's CBD. Anchored by major brands including Farmers, Kmart, PAK'nSAVE, and Hoyts, the two-level regional shopping centre boasts 7 mini-majors, 143 specialty stores and 25 kiosks. It is conveniently served by 2,400 car parking spaces.
https://cloud.realestate.colliers.com/ultimate-nz-retail-portfolio
Investment highlights:
- 98% occupancy rate.
- MAT of $588.5 million.**
- Specialty sales productivity of $14,568/sqm.**
- Located on Riccarton Road which supports 24,000 vehicles per day.***
- Foot traffic of 10.0 million customers in 2023.****
- 530,000 customers within a 30-minute drive.****
- Total trade area estimated retail spend of $9.1 billion in 2023.****
For further information on the sale process or to arrange an inspection, please contact the exclusive selling agents.
All figures are approximate and site boundary outlines are indicative only.
*Estimated NOI as at June 2024
**GST inclusive, based on December 2023 figures
***Christchurch City Council
****Scentre Group 2023 Property Compendium
Key features
Opportunity
One of the best-performing retail locations on the South Island.
Catchment
A catchment of 530,000 customers within a 30-minute drive.****
Occupancy
Specialty sales productivity of $14,568/sqm.**
