Outlet City Tawa sells for $10m
A Nelson investment company has paid more than $10 million for Outlet City in Tawa.
Thompson Property Group bought the 5500 square metre building – which sits on a 3.36 hectare site in Main Rd – from Wellington company Prime Property Group.
The outlet centre, originally known as Dress Smart, opened in 2002. It was bought by Prime Property in 2013, and rebranded Outlet City to align the internationally recognised description of discount, or factory outlet, shopping.
Prime Property Group principal Eyal Aharoni said the rebranding and other improvements achieved what was intended.
It repositioned the centre and created greater awareness of its competitiveness, with a jump in
‘‘We agreed to sell, despite the centre’s further growth prospects.’’