Transformed Colombo mall for sale
Friday, 1 February 2019
The owner who transformed The Colombo shopping centre in Christchurch into an upmarket hub is selling it due to ill health.
Property developer and investor Lilly Cooper bought the Sydenham property, then Spotlight Plaza, from receivers for developer Dave Henderson's companies in 2010 for $12 million.
Henderson had rebuilt part of the shopping centre, originally called Sydenham Mall, but struggled to lease it.
Cooper's plans took shape when the first of the earthquakes struck two weeks after the purchase, hitting the central city hard.
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'After that, everything changed,' she said.
'The Colombo was going to be something totally different – but after the quakes we needed a space like this for people to enjoy and to come together.'
The mall now has 44 tenants including designer boutiques, homewares stores, cafes, and the three-screen Academy arthouse cinema. Its anchor tenant is Spotlight, whose lease expires in late 2021.
Cooper has recently acquired adjacent land for extra car parking.
She said she was 'thrilled' with the way the mall had worked out and it was everything she envisaged, but recent ill health meant it was time for someone else to 'take it to the next level'.
The mall is managed by Cooper's daughter, Caroline Cooper-Dixon. It has a council rating value of more than $35m.
Cooper's marketing agent, Courtney Doig of Colliers, said there was still potential to develop the property further with a third stage.
'We think The Colombo will have huge appeal to buyers, both domestic and offshore, who are looking for a substantial retail asset to add to their portfolio,' Doig said.
The mall is for sale by deadline private treaty with a mid-March deadline.
Cooper's other projects have included renovating and developing Hotel Montreal, and restoring several heritage buildings before the earthquakes.
In 2015, a Madras St property she renovated with relatives was the subject of a family financial dispute that went to the High Court and Court of Appeal.
Other malls put up for sale in Christchurch recently include Avonhead mall and Northwood Supa Centre, while South City changed hands last year.
Who owns Christchurch's malls?
Riccarton - Westfield
Eastgate - Augusta Capital
Northlands - Kiwi Property
The Palms - AMP Capital
The Hub - Shopping Centre Investments Ltd
Merivale - AMP Capital
South City - Wairere Holdings
Tower Junction - Ngāi Tahu
Bush Inn - Andrew Budge
Barrington - Tinline Property
Bishopdale - multiple owners
Avonhead - Philip Carter and family
Tannery - Alasdair Cassels
Northwood Supa Centre - Canadian pension funds
Dress Smart - Landlease Funds
The Colombo - Lilly Cooper