Auckland, 22 May 2015 - Wanganui shoppers can start warming up their credit cards as CBRE New Zealand’s Retail Services division has been appointed to attract new retail brands into a number of sites in the retail heart of Wanganui’s town centre, which is anchored by Farmers.
CBRE Retail Services has been awarded the mandate to seek tenants for the 2098sqm former-Briscoes site and 1200sqm of prime retail on Victoria Avenue (part of the Farmers development) in the Wanganui shopping district.
13 available spaces on Victoria Avenue premises will range from 70sqm to 160sqm – at rental rates ranging from $300 to $600/sqm. The former Briscoes building offers options at rental rates from $160-$200/sqm.
Jonathan Curtis, Associate Director Retail Services, says that the developments will breathe new life into Wanganui’s fashion and food precinct and offer more lower North Island retail potential.
“This is great news for shoppers in Wanganui, and for any retail brands looking to expand their footprint into the heart of the thriving retail scene in the lower North Island. Plans are underway and we are looking at the tenancy mix, as well as the look and feel, all geared to improving choices in the Wanganui market.
“As the buildings are all new there will be no seismic strengthening issues, so it represents a great opportunity for retailers to complement Farmers and locate into footprints that will work for a mix of retailers.”
Grant Unsworth, CBRE NZ’s National Director Retail Services, says that this project provides a great opportunity CBRE to build its retail services business through partnerships with building owners who are looking to improve their tenant mix.
“We have key capabilities now in place to deliver major retail developments. Our wide range of activities includes leasing, adding value to owners’ proposition, maximising the mix and calibre of tenants, strengthening tenant covenants, repositioning shopping centres, and enhancing the value of retail assets nationwide.”
This news follows a recent nationwide CBRE retail consumer survey that revealed that a bricks-and-mortar shopping experience is still attractive to younger shoppers, with 24% of the 18-24 year old age group intend to spend more in bricks and mortar shops over the next two years while 43% expect to increase their online expenditure.
Unsworth says the current and expected future shopping habits highlighted in the report are encouraging for bricks and mortar retailers and owners of retail property.
“Online retailing is a well-known trend. However, what the survey illustrates is the ongoing relevance of bricks and mortar, particularly among lower income brackets and those aged 18-34. Retailers and centres that adopt dual ‘bricks and clicks’ strategies will also be well-placed. Shopping centres must also continue to improve and offer shoppers convenience, plenty of parking, an attractive environment and other compelling reasons to visit.”
About CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
