Palmerston North’s largest shopping centre, The Plaza is up for sale with expressions of interest being sought across the Tasman as well as in New Zealand.
Located at The Square in the heart of the city, the centre features 80 per cent of the enclosed mall space in the city and has a trade catchment of approximately 166,000 people in the Manawatu region.
CBRE’s Brent McGregor and Simon Rooney have been appointed to sell the property on behalf of Kiwi Property. The Plaza is being marketed via an Expressions of Interest campaign, closing on November 26.
“The Plaza offers a large total trade area with the closest competing regional shopping centre 91km away,” said McGregor. “The Plaza offers strong trading and tenant fundamentals with Farmers, Kmart and Countdown all holding anchor tenancies.”
Almost fully occupied, The Plaza returns an estimated net income of $16.7 million. The precinct features on-grade and multi-level car parking with capacity for 1251 vehicles.
McGregor said that the resilience of Manawatu coupled with its diverse and self-sufficient economy would be attractive to potential purchasers.
“With over $4.75 billion of local infrastructure investment planned in the immediate future, The Plaza is poised to benefit from the investment in the region.”