After being on the market for three years, Goldfields Shopping Centre in Thames has been sold to Andrew Budge, a property investor, for circa $7 million in a deal negotiated by Kevin Richards of Savills New Zealand.
After being on the market for three years, Goldfields Shopping Centre in Thames has been sold to Andrew Budge, a property investor, for circa $7 million in a deal negotiated by Kevin Richards of Savills New Zealand.
Andrew Budge has a property portfolio that also
includes the Bush Inn Shopping Centre in Christchurch and The Mall in Upper Hutt. Budge has not yet announced any plans for the shopping centre anchored by The Warehouse and speciality shops.
Goldfields was built in the 1990s and has a net lettable retail area of circa 8169sq m plus 550 car parks sitting on a 1.6ha site. The shopping centre is anchored by one of New Zealand’s foremost retailers – The Warehouse, which covers 45% of the shopping centre’s retail area. Other key tenants include Warehouse Stationery and McDonald’s. The remainder of the centre is currently home to 26 speciality retail stores and a management office.
A Pak‘n Save supermarket on an adjacent site shares Goldfields’ car park and contributes a high number of the three million customers who pass through the shopping centre’s doors annually.
“The benefit of having two major national tenants sitting side-by-side in this location is considerable from a trading perspective,” says Richards.
“Thames is the largest town at the gateway to the Coromandel. The Coromandel Peninsula has a permanent population of about 26,000 and is a well known and population destination with tourists and holiday-makers, mainly from Auckland and central North Island. Goldfields benefits from being geographically constrained,” says Richards. “As the only shopping centre in the Thames, Coromandel and Hauraki districts, it experiences fairly consistent trade.”
Richards says it is the second big neighbourhood provincial shopping centre Savills has sold within the past year.