A key suburban shopping centre anchored by retail heavyweights Woolworths, The Warehouse and Warehouse Stationery is tipped to draw strong buyer interest from investors and those eyeing future development.
Eastgate Shopping Centre is a major destination retail complex in the eastern Christchurch suburb of Linwood.
Occupying the lion’s share of an entire block, the 6.7-hectare (more or less) freehold site for sale is home to more than 45 diverse tenants, with an occupancy rate of 97 percent. These cater to a main trade area population of over 100,000 people.
With around 950 metres of frontage to four streets – including arterials Buckleys Road and Linwood Avenue – the centre is a landmark presence with daily exposure to an estimated 46,000 passing vehicles.
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Parking for 1,100 vehicles and entrances on all four streets assure shoppers of convenient access within a 10-minute drive of the city centre.
The future of Eastgate Shopping Centre is underscored by the ongoing re-gentrification of Linwood and surrounding areas, with a fresh wave of first-time home buyers and young professionals driving demand in the surrounding neighbourhoods.
The burgeoning population is fuelling retail, residential, and commercial growth, creating an exciting backdrop for further development.
The site’s commercial zoning offers significant potential for future redevelopment, whether through expanding the existing footprint or exploring mixed-use projects that could cater to the growing needs of the local community. Eastgate’s history of continual upgrades, including the latest refurbishments in 2021, ensures the centre remains a vibrant hub.
Major tenant Woolworths (formerly Countdown) is New Zealand’s largest supermarket brand with over 185 supermarkets nationwide serving 2.5 million customers each week. With $7.9 billion of annual turnover, and 20,000 staff, it is one of New Zealand’s largest companies and employers. Parent company The Woolworths Group is listed on the Australian Stock Exchange and is one of Australia’s biggest retailers.
The Warehouse is a subsidiary of NZX-listed The Warehouse Group which is one of this country’s largest retail groups with $3 billion in sales and 12,000 employees. Founded in 1982, The Warehouse Group now has 260-plus retail stores, online stores as well as distribution centres throughout the country and sourcing offices in China and India.
Eastgate Shopping Centre, located at 20 Buckleys Road, Linwood, Christchurch, is being offered for sale exclusively through Bayleys Real Estate. The property will be sold by Deadline Private Treaty closing on Thursday 24 October, unless it is sold prior.
Bayleys South Island capital markets director Jesse Paenga said the site’s investment credentials were underpinned by the calibre and diversity of its tenants.
“The more than 27,400-square-metre gross lettable area is home to an array of occupiers including formidable brands such as ASX-listed Woolworths, NZX-listed The Warehouse Group and Restaurant Brands.
“The balance of income is secured by specialty tenants spanning the medical, retail and service sectors, a council library, plus ATMs and kiosks,” said Paenga.
Bayleys South Island commercial general manager William Wallace said the centre was configured with a mix of tenancy types and sizes.
“High-profile external tenancies fronting the car park are home to key occupiers including The Warehouse and Woolworths. There are numerous internal tenancies housing food and beverage operators, a medical centre, library and specialty retail.
“Global fast-food giants KFC and Taco Bell operate from detached premises fronting Linwood Avenue, while the extensive customer parking sits to the east of the main centre,” said Wallace.
Bayleys national commercial director Ryan Johnson said developers would consider the large underlying commercial-zoned landholding underutilised, making it ripe for future development.
“Originally constructed in 1985, Eastgate Shopping Centre has undergone multiple expansions and refurbishments over the years with the most recent being in 2021,” he said.
The site’s zoning provides for significant possibilities to be explored to add further to the buildings, or to consider more substantial future redevelopment for a variety of commercial, residential or mixed uses.
“The strategic location, combined with robust diversified income streams, and considerable redevelopment potential, make Eastgate Shopping Centre an exceptional investment proposition with plenty of future upside potential,” Johnson said.
- Supplied by Bayleys
