Whanganui shopping mall for sale

Whanganui's Trafalgar Square is for sale.

Whanganui's Trafalgar Square shopping mall is up for sale and is expected to fetch more than $20 million.

A spokesman for the agency representing the owners said smaller malls were in high demand as there was a shortage of quality retail investments and a surplus of investor cash.

Smaller malls also allowed investors a less expensive door into retailing.

Trafalgar Square has several advantages, including being well established and providing a diverse income stream, the spokesman said.

The mall opened in 1989 at a cost of $19.1m and was refurbished in 2014.

Countdown and The Warehouse are its anchor tenants, taking up 72 per cent of the lettable space, with 21 speciality and large format tenancies throughout the remainder of the mall. The mall is currently fully leased.

Trafalgar Square dominates retail in the city, with its major competition coming from traditional shops along Victoria Ave and adjoining streets.

The mall contains a food court and parking for 460 vehicles including underground parking for 197 cars and is fully compliant with earthquake building standards.