The
National Business Review
Whangarei playing field
attracts retailer interest and hefty price tag
Jazial Crossley | Friday June 12 2009 - 02:55pm
BWH Properties has offered local authorities twice the market value on a Whangarei
sports ground at Okara with plans to transform the
land in to a retail hotspot.
Thanks to
reported pre-tenant agreements guaranteeing major retailers will move in when a
retail complex is built, BWH Properties is offering
the Whangarei District Council $20 million for the 5.8ha section.
The land is
currently the home of playing fields and the Old Boys Rugby Football Club
clubrooms.
The proposal BWH Properties has put forward involves redeveloping the
property in to a commercial site with “big box retailing”.
Mayor Stan Semenoff said it would be a significant cash injection for
Council’s budgets at a time when there are multiple competing demands for
funding.
“This
proposal gives us a degree of control over the location of our larger retail
outlets and allows us to progress plans for the CBD
and Town Basin, where the emphasis will be on boutique retail, tourism,
apartments and hotels,” said Mr Semenoff.
“Best of all
for our shoppers, it would bring shopping in Whangarei up to Auckland’s
standards as major retailers not seen here before are understood to be
involved.”
BWH Properties is a subsidiary of Hill Construction, both of which are
owned by Bernard Wayne Hill. Mr Hill was unavailable
for comment at the time of writing.
The sale of
the land is currently up for public consultation.