Bay's first mall sold to trust
Hawke's Bay's first purpose-built shopping mall has a new owner after being sold to a private family trust.
Ocean Boulevard, a complex of 20 tenancies between Emerson and Dickens streets and which opened as Broadlands Mall in 1976, has been sold by NPT Ltd for $4.521 million.
The unconditional sale was announced in a statement from the company, formerly the National Property Trust.
The identity of the purchasers has not been revealed, pending settlement on November 21.
They are at least the fifth owners, the name having been changed in the late 1980s after a sale in 1987 for $1.9 million.
According to NPT's website, 67 per cent of Ocean Boulevard's 2895sq m retail space is tenanted, with major tenants including PaperPlus, Bed, Bath & Beyond, Caroline Eve, Just Kids and Michael Hill Jeweller.
One of two arms opening on to Dickens St, last occupied by another book store and New Zealand Post Agency, is currently empty, and foundation tenant McClurg's Jewellers vacated a site in the sole Emerson St arm this year to concentrate on its main site in Hastings St.
The mall also has 120 car parks over two upper levels.
NPT chief executive officer Kerry Hitchcock said the sale forms part of the company's property portfolio strategic review. The company is focussing on investments where the property type and scale create management efficiencies, and fit NPT's yield and growth requirements.
NPT Limited is NZX-listed and has properties in Auckland, Hawke's Bay and Christchurch.
