$3m retail development for Masterton

A $3 million retail building extension and underground car park is being planned for the Mastermall parking lot on Chapel Street in Masterton.

Masterton property developer Florus Bosch, trading as Bospark Holdings Ltd, said yesterday the planned structure is to be a ground level extension of the building now occupied by the Farmers, will cover a 2000 sq m area and will also feature an underground car park with space for 100 vehicles.

Mr Bosch said the building design mirrors a $4 million building expansion his company has completed in Napier that is rented by the Warehouse and Noel Leeming, and a $4 million expansion housing a Mitre 10 Mega Store now nearing completion in Palmerston North.

Mr Bosch also holds property interests in Wellington and a family-run dairy farm at Kahutara, near Martinborough, he said.

Bospark Holdings owns the building housing the Farmers Home Centre, he said, and the Mastermall complex and car park as well.

"Everything has got to stack up -- particularly since an economic downturn is now being predicted. There will be no development of the site without first having a tenant," he said.

Preliminary drafts and plans have been completed for the Mastermall extension, he said, and talks are now in progress with three major national retailers who have expressed interest as possible tenants.

Mr Bosch said Wairarapa contractors would "probably" be used for the building and construction work once a rental agreement has been settled.

"Location is important for any potential taker, but not as important as the rental costs involved," he said.

"Work on the site will begin as soon as we have a tenant sign along the dotted line."

- WAIRARAPA TIMES-AGE