Out­let City Tawa sells for $10m

Kapi-Mana News - - FRONT PAGE - CHLOE WIN­TER

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.’’

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