Upper Hutt Leader
Auckland-based investor Andrew Budge is the new owner of The Mall.
The property changed hands on Friday for what market sources suggest was a figure of about $18 million.
Mr Budge is a retail property investor who also owns the Bush Inn shopping centre at Riccarton, Christchurch.
Mayor Wayne Guppy says he is pleased with the sale as Mr Budge has plans for The Mall and other retail space on Main St which was part of the purchase.
"It's a new era for Upper Hutt retail," he says.
"It's one of the best quality malls and after a huge investment, just as they were completing that, the global crisis hit."
The new investments were being looked forward to by the retail sector.
Council chief executive Chris Upton said they were looking forward to the new ideas and new opportunities Andrew Budge would bring.
A year ago there were 27 vacant retail and commercial premises in the heart of town and now there were just 11.
Mr Budge had completed a successful programme getting to know locals in Christchurch and he hoped that would be brought to Upper Hutt, he says.
The sale was brokered by Colliers International agents Richard Findlay, Chris Gollins and Bill Leckie. Mr Leckie says they are pleased with the sale and the figure The Mall sold for was very high for Upper Hutt.
The property has more than 2.5 hectares of land and more than 300 car parks.
- Upper Hutt Leader