Redevelopment Puts Property At A Premium
Media release, for immediate release, 15 December 2003
REDEVELOPMENT PUTS PROPERTY AT A PREMIUM
Christchurch retail space is at a premium due to the massive redevelopment of several suburban malls.
Shopping malls on every side of the city are expanding including, Northlands, Westfield Mall Riccarton and The Palms.
"With the mall redevelopments engulfing neighbouring retail-zoned land, choices for retailers are getting smaller and smaller. As the mall option is too expensive for many independent operators, locations around malls are in hot demand," says Simes retail specialist Blair Young.
The implementation of the Christchurch City Plan means there are just a few remaining small pockets of multi-use retail zoned land. The City Council is also strictly monitoring the use of retail properties trading in an underlying residential zone.
Blair Young says that means demand for retail space is now outstripping supply.
"Retail property owners are finding tenants with relative ease and rental growth in this sector looks very positive. That's making retail property a very attractive investment," says Blair Young.