Retail Property Group puts 48 units up for sale

Published 1 February 2010

NZRPG Management Ltd (Bryce Donne & Mark Gunton) has put 48 retail outlets in its Westgate & Fraser Cove centres on the market.

 

The NZ Retail Property Group developed Westgate, at the top of Auckland’s North-western Motorway, and Fraser Cove in Tauranga. It owns the Birkenhead & Milford shopping centres on the North Shore and has development plans for both.

 

Its next development proposal for Tauranga is Tauriko Crossing, while in Auckland it has a major proposal to cross the highway above Westgate to create the 156ha Massey North town centre.

 

But the group has been facing mounting development bills – Mr Gunton said in November development costs for Massey North over the 7 years of planning the project came to $26 million. Progress there remains stymied by appeals from the Auckland Regional Council over roading and by Foodstuffs (Auckland) Ltd, which wants to be able to build a supermarket box outside the new town centre.

 

Westgate started out as a 30,000m² centre and has expanded to 45,000m². At Massey North, NZRPG has proposed developing 65,000m² of office & 100,000m² of retail.

 

At Westgate, NZRPG has put 36 retail units on the market after going through its plans with tenants over the past 2 months. At Fraser Cove, 12 units will be offered.

 

The sales are through an auction on Thursday 11 March and a tender closing Friday 12 March, both run through Bayleys.

 

Earlier stories:

18 November 2009: Opposition pushes Massey North start out 8 years from conception

19 December 2008: Expanded Westgate a new Newmarket?

 

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Attribution: Sale notice, interviews, story written by Bob Dey for the Bob Dey Property Report.

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