PHOTO: TOM LEE/FAIRFAX NZ The Base in Te Rapa, Hamilton, Waikato’s biggest shopping centre, is a thriving asset for its owners Kiwi Property and Tainui.
Kiwi Property intends to sell its underperforming Centre Place North in Hamilton though it has not placed the shopping centre on the market yet.
New Zealand’s largest listed property company has $3.2 billion of shopping centres and office buildings.
Chief executive Clive Mackenzie said at the company’s annual result for the year to March 31 2019 that the company had signalled Centre Place North would be an asset for disposal.
Hamilton’s city centre had continued to be affected by competition from The Base shopping centre in Te Rapa, the largest in the region and owned by Kiwi Property in a joint venture with Tainui, and also by other retail sites.
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