JWL Investments Trust acquired a large block of land off Cameron Road that was being considered for a modern shopping mall with The Warehouse as anchor. History will show The Warehouse took occupancy down the hill at Fraser Cove. What resulted was a complete re-think of how the block could be presented to the local market.
Overview and Outcomes
Land costs meant a number of development concepts and their feasibilities were challenging. The project needed a lower average land value and an opportunity presented to sell part of the block to Foodstuffs for a New World. Following the conclusion of the transition we were able to market the property to a number of tenants securing Wendys and BP Oil.
Having secured the major tenants we went about targeting convenience retail tenants. Before commissioning the development, the centre was 100% leased at rent levels not seen in Tauranga at that time.
The Centre has been modernised several times and new tenants added, namely Spotlight, KFC and Lighting Plus. A link was created to connect to Mega 10, and today Gate Pa Shopping Centre has positioned itself as one of Tauranga’s main centres.
The concept and assumptions delivered to JWL Investments in the initial upfront planning stages have proved to be correct.