Local property investors are being offered the chance of sharing the action in big-name retailers such as Countdown, Kathmandu, Postie Plus, Paperplus, Burger King and Big Save Furniture. A third of the buildings housing retailers at Fraser Cove Shopping Centre in Tauranga are being sold as individual investments - the propertieshave a combined value of more $30 million. The two biggest outlets - the new Countdown supermarket and Big Save Furniture in Fraser St - will be tendered, while nine other smaller stores go to auction in Auckland on March 11. The 5550 sq m Countdown is one of Progressive Enterprises' biggest New Zealand supermarkets and attracts $1.3 million in annual rental. One of the stores on the auction list - North Beach Surf N Skate - has already been sold. New Zealand Retail Property Group (NZRPG) , which is developing Tauriko Business Estate, has operated Fraser Cove Shopping Centre since it first opened in 2002 and has since expanded into shopping space of 31,000 sq m, second biggest to Bayfair Mall in Tauranga. The development companies associated with NZRPG had elected to sell off some of the retail sites as an alternative to debt raising, a statement said on Friday. NZRPG chairman and founder Mark Gunton said the associated companies will retain two-thirds of Fraser Cove. NZRPG will continue to manage the shopping centre. The same group of companies was also selling 23 retail units in the NZRPG-managed Westgate Shopping Centre, located at the start of Auckland's north-western motorway. Bayleys Real Estate executive director, John Bayley, said the opportunity of directly owning institutional retail property in a centre that was under management was unprecedented in the country. This type of investment was normally reserved for listed property trusts. Other retail outlets up for grabs at Fraser Cove are Repco, Burger King, Kathmandu, United Video, Contours Women's Health and Fitness Centre, St Pierre's Sushi, Tikka Express, Big Bake Bakery and a liquor store. The Warehouse and Warehouse Stationery properties, and the Worlds End Sports Bar/Restaurant have not been included in the sale.
