Hamilton's Centre Place South sold for $46.8 million

Wednesday, 22 June 2016

A deal to buy a portion of Hamilton's central city shopping centre for $46.8 million has been done. 

NZX-listed company Kiwi Property announced on Wednesday that the agreement for the sale of Centre Place South, Hamilton has gone unconditional to an unnamed buyer.

Settlement is due on August 11. 

Almost 11,000 square metres of retail space was put on the market early last year after the former Downtown Plaza had a $36m make-over.

**READ MORE:

* Centre Place South up for sale

* Population growth the reason why Kiwi Property bought half of Hamilton's The Base**

Kiwi Property said an agreement was reached in December, conditional on the issue of updated unit titles and Hamilton City Council agreeing to the transfer of two ground leases prior to settlement.

The condition for the two ground leases will be removed.

Centre Place Shopping Centre comprises of Centre Place North and Centre Place South, which are separated by the pedestrianised Ward Street.

Kiwi Property owns and manages Centre Place North and will manage Centre Place South on behalf of the new owner.

Centre Place South includes a new Farmers department store, along with 27 specialty tenancies.

Centre Place North has 75 specialty tenants and two cinemas.

CENTRE PLACE TIMELINE

2015: The newly renamed Kiwi Property Group puts Centre Place South up for sale.

2013: The revamped Centre Place Shopping mall opens.

2012: Centre Place is Kiwi Income Property Trust's only mall to lose value. decreasing from $108m to $98.8m.

2010:  Tainui Group Holdings, the commercial arm of Waikato-Tainui, opens the $120m Te Awa mall at The Base.

2010: Kiwi Income Property Trust announces a $40m development of Centre Place and Downtown Plaza, which will combine the two and transform Ward St into a pedestrian-only street.

2003: Kiwi Income Property Trust buys Downtown Plaza from Anaro Investments for $14m.

1998: A group of Waikato and Bay of Plenty investors buy Downtown Plaza from Hamilton City Council and Worley Place Limited for $12.7m.

1994: Kiwi Income Property Trust buys Centre Place shopping centre.

1994: Hamilton City Council builds Downtown Plaza for $4.4 million. Worley Place Limited buys the land under the mall for $3.9m.