Town Centre for investors
growingsuburbs. “New Zealanders appreciate the security of land, bricks and mortar, however growing regulatory and tax headwinds for the residential property market is now making commercial property a more sought-after investment option.
“Historically low interest and term deposit rates mean investors are actively looking elsewhere for compelling returns and, post-covid, the commercial property market is stronger than ever, providing a source of secure and steady income.”
Tauranga Chamber of Commerce chief executive Matt Cowley said Tauranga was spoilt for choice as the suburban shopping centres had become community focal points to socialise and recreate.
“They are also very handy for people who are unable to travel into the main city for essential supplies. They are often the most convenient option. Many shopping trips happen after people have picked up kids from school.
“They are also convenient for shift workers and people who rely on buses as their transport.”
Cowley said these centres enabled people to shop for essentials during the lockdowns.
“Their role continues in the recovery as people feel strongly connected with their local shopping precinct, particularly as our long-term population trends continue to grow.”
Priority One chief executive Nigel Tutt said it was great to see PMG take hold of the Bethlehem Town Centre. “They’re a standout local investor.”