An Auckland development company hopes to turn Rotorua's old multiplex building into a shopping centre.
Golden Mile Holdings Group has bought the troubled site on Pukuatua St with plans to turn it into retail space downstairs with apartments upstairs.
The development will be under newly formed company GoldenMile (Rotorua) Ltd. Its directors are Jackie Kwok, Wai Kwok and Siu Cheng, who are originally from Hong Kong.
Jackie Kwok told the Daily Post yesterday no firm plans had yet been made but the ground floor would definitely be retail space.
He was yet to talk to potential tenants but hoped to get shops of similar calibre as the nearby McDonald's, Robert Harris and Hannahs.
"We don't want anything that's going to be too outstanding from what is already there.
"It will have to fit the surroundings.
"The only thing definite is the whole area will be cleared up ... it's one of the best locations in Rotorua."
Mr Kwok said his company would spend the next two or three months working with the Rotorua District Council and their architect before deciding on how many shops would fit the space.
He said the company was determined to get the right mix for Rotorua because it would be their first project outside Auckland.
The company has chosen to invest in Rotorua because Auckland prices had jumped so much that it was becoming too expensive for it to finish projects.
Mr Kwok said they had been keeping an eye on industrial building sales in the city for the past two or three years.
Golden Mile Holdings Group has a background in apartments, having just completed Dynasty Gardens Apartments in Vincent St in downtown Auckland.
The company was incorporated in 1999 and is now one of the largest residential property developers in Auckland City.
The directors are originally from Hong Kong but have been living and investing in New Zealand since 1988.
Golden Mile Holdings Group has been involved with more $150 million of New Zealand commercial, industrial, retail and residential property transactions, including large-scale residential developments.
The multiplex cinema was constructed in 1993 but was open for only a few weeks before building sub- contractors forced its closure, claiming they were owed almost $3 million.
That same year, a creditor used a helicopter to lift out the building's air conditioning unit in a bid to recoup money owed.
