More auctions for shop properties at complex

The big Countdown building at Fraser Cove Shopping Centre in Tauranga is under contract as more retail properties there are about to be auctioned.
Opened in April last year, the 5550sq m Countdown in Fraser St is one of Progressive Enterprises' biggest supermarkets in the country.
The building produces $1.3 million in annual rental and has attracted a conditional agreement.
The Auckland property syndicate buying the building is believed to be looking at issuing a prospectus and on-selling it in "a proportionate ownership scheme".
The Goddards Centre in downtown Tauranga was sold in this manner - where investors paid for individual titles in the property.
Four retail outlets at Fraser Cove were sold at the Bayleys auction in late March - Repco, Burger King, Big Bake Bakery and St Pierre's Sushi.
The bakery and St Pierre's operate in the specialty retail portion of the Countdown building, as does Tikka Express whose store has just been sold.
Now the Fraser Cove Liquor Centre, United Video, Godfrey's and Dollar Value premises are being auctioned by Colliers International on July 13.
The Kathmandu, Contours Women's Health and Fitness Centre, and Big Save Furniture properties, which have shorter leases, have been taken off the market at this stage.
The development companies associated with New Zealand Retail Property Group (NZRPG), which operates the shopping centre, has been attempting to sell $30 million worth of property as an alternative to debt raising.
The 545 sq m Repco outlet, with a right of renewal on its lease through to 2019, sold for $2.01 million; 212 sq m Burger King, with two five-year rights of renewal through to 2024, went for $1.875 million; 124 sq m Big Bake Bakery, lease renewal to 2019, fetched $645,000; and 99 sq m St Pierre's with two six-year rights of renewal sold for $555,000.
The latest four up for auction have leases running for another six to nine years. The 288 sq m United Video attracts annual rental of $100,000, 298 sq m Godfrey's which sells vacuum cleaners and cleaning products has $65,000 rent, 152 sq m Liquor Centre $57,000 and 293 sq m Dollar Value rental income of $77,000.
North Beach Surf N Skate - its building was sold earlier - is moving a couple of doors into the 10-pin bowling premises by mid-August.
A fit-out will start next week and will include a new glass shop frontage.
A national apparel retailer, which has a store at Mount Maunganui, is expected to move into the space vacated by North Beach.
Number 1 Shoes is taking up 800 sq m of space in the new wing between Postie and Kiwi Petz by the end of July.
"There's lots happening in the shopping centre; it's all very exciting," said NZRPG commercial manager, Rachel Emerson.
"The Countdown supermarket straightaway added 10,000 more cars a week to the centre, and that's been sustained."
The 31,000 sq m shopping centre, the second biggest in Tauranga, now attracts 43,000 cars a week and its turnover increased 10 per cent in the year ending March.
That compared with an average retail growth in Tauranga of 1.7 per cent, she said.