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Eastgate Mall 'worth $40m'

MARTA STEEMAN
Last updated 13:24 15/10/2012
eastgate
VALUE UP: Eastgate Mall's value had risen from $35.5m six months ago to $40.8m at the end of September.

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The owners of Eastgate Mall, badly damaged last year by the February 2011 earthquake, say the centre has risen in value to $40.8 million with more retailers interested in leasing space.

NPT, the property owner, whose shares are traded on the New Zealand Stock Exchange, said today Eastgate Mall's value had risen from $35.5m six months ago to $40.8m at the end of September.

Overall NPT said the properties it owned had increased 6.9 per cent in value, or $8.15m, to $126.3m with most of the rise coming from Eastgate.

Eastgate suffered a blow last year when Farmers did not return to the eastern Christchurch mall after repairs were completed.

Eastgate has filled some of the space with an eight-year lease for 1500 square metres to Australian fabric and craft chain Lincraft which will open there in mid-November.

NPT chief executive Kerry Hitchcock said other retailers were interested in leasing space and he would announce that when tenancies were agreed.

The other Christchurch issue for NPT to resolve is its damaged building in Hereford Street in the central business district which is the ''the frame'', an area set down by the Canterbury Earthquake Recovery Authority's (Cera) rebuild blueprint for park, low rise and residential properties. 

The building used to house the local branches of government departments.

Hitchcock said the company was working through the insurance issues with the insurers and when they were resolved it would enter into negotiations with Cera.

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- © Fairfax NZ News

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