Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Manawatu Retailer Secures Lease For Flagship Store


MEDIA RELEASE

19 June 2008

Manawatu Retailer Secures Lease For Flagship Store In The Plaza


Kiwi Income Property Trust today announced that a well-known Manawatu retailer has secured a lease for a flagship surf-wear and accessories store called Main Beach in The Plaza redevelopment in Palmerston North.

Lee Yates has signed an eight-year lease for 350m2 of space in Stage One of the redevelopment which includes a 450-seat food precinct and a three-storey car parking building.

Scheduled to open in early 2009, the Main Beach store will be situated in a prime corner location near the food precinct and fronting onto the pedestrian walkway linking Countdown and Kmart.

The new store will be almost double the size of the Main Beach store on The Square and more than one-third larger than the combined area of the three stores owned by Mr Yates and his business partner Donald Hall in the existing Shopping Centre, being Main Beach, Borderline which offers a line of surf-wear for the youth market, and Alcatraz, a ‘street fashion’ outlet.

The new lease by Main Beach, formerly trading as Colorado Surf, continues Mr Yates’ long association with The Plaza which began with the Jean Zone store in April 1991 soon after the name of the Shopping Centre was changed from PDC Plaza.

Chief Executive of the Manager of the Trust, Angus McNaughton, said “the lease agreement is great news because it signals a realisation among retailers that premises becoming available in the redeveloped Shopping Centre present significant new business opportunities.

“There has been strong interest from retailers in the redeveloped Shopping Centre with space to be created for another 40 specialty stores, increasing the total number of specialty stores to around 100,” Mr McNaughton said.
“On a sales-per-square-metre basis, The Plaza is the strongest performer in the Trust’s retail portfolio and the $93 million redevelopment project will increase the area of the Shopping Centre by nearly 60% to 31,200m2,” he said.

Mr Yates said “it makes commercial sense to sell our full range of fashion apparel from one large store in the redeveloped Shopping Centre because marketing synergies and operational efficiencies can be achieved. Top surf-wear brands in the Main Beach range include Quicksilver and Rip Curl.

“The new flagship store will help Main Beach consolidate its position as the leading surf-wear retailer in the Manawatu,” he said.


ENDS

For further information please contact
Angus McNaughton
Chief Executive
Kiwi Income Properties Limited
DDI: 64 9 359 4011
Mob: 64 21 946 157


About Kiwi Income Property Trust
Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 10 Index.

The total value of the Trust’s assets is $2.1 billion. Assets include:


Key Office Assets
Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
Majestic Centre Wellington
Unisys House Wellington
BP House Wellington
Vector Building Wellington
PricewaterhouseCoopers Centre Christchurch

Key Retail Assets
Sylvia Park Shopping Centre Auckland
Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North

Kends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>