Dunedin's Meridian Mall for sale

Meridian Mall. Photo: ODT files
Meridian Mall. Photo: ODT files
Three prominent retail properties across New Zealand, including Dunedin's Meridian Mall, are up for sale in a deal which could exceed $350 million.

Dress Smart discount retail factory outlet malls in Auckland and Christchurch and Dunedin's prominent Meridian Mall on George St in the CBD are for sale.

Lendlease Real Estate Partners New Zealand is pitching the property assets of its portfolio in those three cities.

The portfolio includes outlet centres Dress Smart Onehunga, Auckland, and Dress Smart Hornby, Christchurch, together with Meridian Mall, a retail asset in the centre of Dunedin's CBD.

Colliers International and CBRE are managing the sales campaign.

In 2011, the Lendlease Real Estate Partners New Zealand Fund bought the four shopping centres for a reported $197 million.

ING Retail Property Fund had previously owned the assets.

Lendlease fund manager Matt Bowyer said: "These properties have performed well for our investors, but the fund was created to run for a fixed term and that has triggered the sale process.

"We expect the portfolio will be strongly sought after by domestic and international parties given the assets' strong fundamentals and long-term financial performance."

Colliers' John Goddard said the strength of the Dress Smart brand had resulted in the Onehunga centre being an outstanding performer.

"The portfolio provides immediate scale with an overall gross lettable area of 36,362.4sq m. The total portfolio is expected to attract interest in excess of $350m," Goddard said.

"This is a unique opportunity to dominate the outlet market in New Zealand while investing in the best shopping centre in the lower half of the South Island."

Add a Comment

ev-and-hybrid-banner-updated_0.jpg

 

Advertisement

postanote_header_620_x_80.png

postanote_620_x_25.jpg

Our journalists are your neighbours

We are the South's eyes and ears in crucial council meetings, at court hearings, on the sidelines of sporting events and on the frontline of breaking news.

As our region faces uncharted waters in the wake of a global pandemic, Otago Daily Times continues to bring you local stories that matter.

We employ local journalists and photographers to tell your stories, as other outlets cut local coverage in favour of stories told out of Auckland, Wellington and Christchurch.

You can help us continue to bring you local news you can trust by becoming a supporter.

Become a Supporter