PHOTO: Downtown shopping centre
A large shopping complex in Palmerston North that is close to the city’s retail heart is poised to change hands for the first time in more than 30 years.
The owners acquired the land in 1985 and built Downtown on Broadway in two stages in 1990 and 1991 as a cinema complex with associated retail stores and a food court.
The property is for sale via deadline private treaty, closing 18 May, and is being marketed for sale by Doug Russell and Richard Findlay of Colliers.
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Located at 42-60 Broadway Avenue and 491-499 Main Street, Downtown has a floor area of 7,822sq m on 5,990sq m of land. A four-level covered car park caters for 257 cars.
The complex has recently undergone a major refurbishment, repaint, and rebranding.
Russell, Director at Colliers Palmerston North, says Downtown has good prospects for investment and rental growth.
“There are currently six vacancies within Downtown – three retail and three in the redeveloped Food Street. This offers significant future rental upside to the successful buyer.”
The complex is anchored by the multi-screen Event Cinemas under a long-term lease with other major tenants including Cotton On, Timezone, and the Health Hub Project NZ. It has nine traditional retail outlets in total and eight food court operators.
The surrounding catchment is a vibrant mix of retail, cafes, and restaurants, and a variety of professional service providers together with the Palmerston North bus depot.
“This area is going to be further enhanced by the planned redevelopment of the nearby heritage High Flyers building into a Wyndham Hotel and associated boutique retail and cafe,” Russell says.
Palmerston North has historically been a service centre for a large and highly productive rural sector but has diversified and is now better known for its educational and research facilities at Massey University.
An important contributor to the stronger growth outlook for the city is the significant increase in central and local government investment, together with private sector capital investment over the next 15 years.
Some of the major projects that have been confirmed or are already underway include the new Manawatū-Tararua Highway, KiwiRail’s Regional Freight Hub, and other multi-million-dollar upgrades to the military bases at Linton and Ohakea.
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