Rich lister to sell suburban mall after 50 years
Christchurch rich lister Philip Carter and siblings have put the Avonhead Shopping Centre up for sale after more than 50 years of family ownership.
The community shopping centre in northwest Christchurch was built more than 50 years ago by their father Maurice, a leading local builder, property developer and local government politician.
Maurice Carter was one of the main developers of the city’s northwest, developing about 500 sections in the area between Memorial Ave and the Avonhead mall.
The complex with 19 tenants has been redeveloped twice, the last time 23 years ago.
Philip Carter said he and three of his siblings owned the property and had decided to pursue their own interests.
The sale provided the for a new owner further value, Carter said.
The retail centre is the second on the market in Christchurch in the past three months.
The other is the opportunity to add larger Canadian-owned Supa Centa at Northwood, in north Christchurch, which has 24 specialty retailers and generates net income of $6.82 million plus GST.
Hamish Doig, managing director of Colliers International in Christchurch, is marketing the Avonhead retail property with investment sales broker Courtney Doig.
The anchor tenant was supermarket chain Countdown, which had a redevelopment clause in its lease that provided for minimum terms that would take its tenure until 2038.
Courtney said the mall had two small vacant shops. The rent would be underwritten by the owners.
The tenants included a pharmacy, travel agent and Merrin Street Brewery Bar.
The net lettable area was 3876 square metres and the property comprised 10,763sqm of land.
Net income was about $1.65m and the mall had 166 car parks.
Colliers said it had a community feel and catered well to the higher socioeconomic demographic of the area. It offered a new owner the opportunity to refurbish and required less than $200,000 to bring it to 100 per cent of the NBS (national building standard).
‘‘We think this will have strong appeal to private investors and syndicators,’’ Hamish Doig said.
The shopping centre is offered for deadline sale, closing at 4pm on December 13.
Meanwhile Philip Carter’s Carter Group has other property developments under way.
It is building a new flagship store for Kathmandu in the Christchurch CBD across the road from the $150m retail precinct, The Crossing, which it completed and opened a year ago.