Supermarket plan roars off shelf

The syndication of Fraser Cove's Countdown supermarket has met such a strong response from potential investors that some have had to be turned away.
Individual proportionate title shares worth $50,000 closed significantly oversubscribed.
Only 183 were available and the move attracted investors from Northland to Otago, as well as from one New Zealander living in Hong Kong.
Bayleys Real Estate's Mike Houlker, who managed the marketing of the investment on behalf of the offeror, Augusta Funds Management, said the market for this type of investment seemed to be gathering momentum.
"Unfortunately, we've also ended up with a lot of disappointed investors who we've had to return cheques to and we've continued to receive inquiries well after the offering has sold out," Houlker said.
"Their main attraction is that they offer smaller investors a way to access better-quality, higher-yielding large commercial properties that would otherwise be beyond their reach."
The Fraser Cove proportionate ownership scheme would provide investors with an initial projected annual income return of 9 per cent per annum.
Augusta Funds Management is acquiring the Countdown supermarket for $15.5 million from the developer of the Fraser Cove centre, New Zealand Retail Property Group.
Augusta Funds Management will manage the Countdown property on behalf of the investors, while the group will continue to manage the overall centre.