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Sale of Centre Place South is unconditional

Kiwi Property is pleased to announce that the agreement for the sale of Centre Place South, Hamilton is unconditional in all respects, with settlement due to occur on 11 August 2016.

On 23 December 2015, Kiwi Property announced that it had secured a conditional sale agreement for $46.7 million. The agreement was conditional on the issue of updated unit titles and the consent of Hamilton City Council to the transfer of two ground leases.

The sale agreement has been varied to:

  • Increase the purchase price by $100,000 from $46.7 million to $46.8 million.
  • Change the settlement date from 30 June 2016 to 11 August 2016.
  • Remove the condition that the consent of Hamilton City Council to the transfer of two ground leases be obtained prior to settlement.

About Centre Place Shopping Centre

Centre Place Shopping Centre comprises Centre Place North and Centre Place South, which are separated by the pedestrianised Ward Street. Kiwi Property owns and manages Centre Place North and will manage Centre Place South on behalf of the purchaser post-settlement.

Centre Place South comprises 10,933 sqm of net lettable area. It incorporates the part of the centre bounded by Ward Street, Worley Place and Anglesea Street, and includes a new Farmers department store, along with 27 specialty tenancies.

Centre Place North comprises 15,630 sqm of net lettable area, incorporating 75 specialty tenants and two cinema offers.

Centre Place Shopping Centre is Hamilton City’s premier CBD destination for food, fashion and entertainment. The centre is strongly anchored by Farmers department store and features both Lido and METRO by Hoyts cinema complexes.

Kiwi Property acquired the asset in three tranches between December 1994 and December 2005.