An Australian entrepreneur specialising in mall upgrades has paid about $90 million for Takapuna's Shore City Shopping Centre where more shops and new apartments might rise.
Precision Group, owned by Sydney-based property entrepreneur Shaun Bonett, has made its first New Zealand purchase, buying from Aviva Investors Asia Property fund. The deal was funded by Bank of China.
The 14,000sq m mall on a 1.2ha site has a two-level Farmers and 74 shops.
"The site was marketed for sale with potential for a significant redevelopment to possibly include a new multi-level shopping centre and up to 360 apartments in two major residential towers above," Precision said.
"As a private business, Precision Group has a strong track record in developing and repositioning retail assets including MacArthur Central Brisbane, Adelaide Central Plaza, Pran Central in Melbourne and the ongoing re-positioning of its most recent 2015 purchase, Chevron Renaissance on the Gold Coast."
