Another Westfield mall sold

Colliers has brokered the sale of the Westfield Pakuranga mall in Auckland’s eastern suburbs.

A “local private high-net wealth entity” bought it for $81.7 million.

The sale is the third major shopping centre transaction in Auckland brokered by Colliers International in the past six months.

Shore City in Takapuna was sold to Aviva Investors Asia Pacific Property Fund for $83.5 million in June, followed by the Downtown Shopping Centre, which was sold for $90 million to listed Precinct Properties in September.

The sale demonstrates continuing appetite for large, well-located retail property assets, according to John Goddard of Colliers International.

He says many large retail assets represent better value than office and industrial investments at present, with several extremely attractive buying opportunities available.

The timing in the property cycle represented excellent buying, according to Mr Goddard.

“However, that is unlikely to last as yields compress with the improving market and the increasing weight of demand on larger assets.”

The Pakuranga mall has 100 retail tenants across nearly 30,000sq m of floor area with only one vacancy. It is anchored by Countdown and Farmers and generates total annual net income of $8.9 million.

The property is located on a 4ha site near St Kentigern College.

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