Eastgate Mall to expand
The owner of Christchurch's Eastgate Mall has bought three more small sites on its periphery as it works to fill the shopping centre.
Owner NPT Ltd, a stock exchange-listed property company, paid $1.55 million for the sites, settling the sale just before Christmas. They are residential sites at 2, 4, and 6 Cranley St in Linwood next to the mall.
NPT managing director Kerry Hitchcock said in a stock exchange announcement: "The acquisition of these additional properties at Eastgate will enable further development of the medical centre in the mall and open up additional and complementary facilities for shoppers at Eastgate."
The properties housed two units and a former house in use as pharmacy.
The move follows the company's October purchase of two Linwood Ave sites for $1.8m, one occupied by the Linwood Avenue Medical Centre.
After the Canterbury earthquakes, NPT demolished a damaged wing of the mall which had held stores and carparks.
When department store Farmers withdrew before the mall's reopening in the second half of 2011, that space was carved up for smaller tenants. New arrivals included craft store Lincraft and stationer PaperPlus.
Then in April the mall took on the Christchurch City Council as a tenant under a three-year lease, relocating the Linwood library and council service centre, from damaged nearby properties into the mall.
NPT has said adding the medical centre, library and service centre would help cement the company's role in developing the centre as a community hub.
Eastgate has anchor tenants including The Warehouse, Countdown supermarket and McDonald's, plus about 40 smaller tenants. Its market value at March 31 was $44.15m.
NPT, previously National Property Trust, also owns the 18-storey AA Centre office building in central Auckland, Heinz Watties' national distribution centre in Hastings, and an industrial property in Middleton in Christchurch.
It previously owned office complex Natcoll House in central Christchurch, which has been demolished and will form part of the Government's East Frame plan.
Three months ago NPT added to its portfolio with the purchase of a retail complex in the Auckland suburb of Mt Roskill for $32.85m.