Charter Hall announces new name for large format retail development at Nelson Park in Hastings

The Charter Hall Group, new owner and developer of the Nelson Park site, is pleased to announce the new large format retail centre to be developed on the site, will be known as Home HQ Hastings.

Home HQ Hastings is part of a stable of large format retail centres which Charter Hall has successfully developed or is in the process of developing, in Australia, including Home HQ Nunawading (Vic), Home HQ North Shore (NSW), Home HQ Ipswich (QLD) and Gepps X Adelaide (SA).

In addition to the 5.1 hectare site Nelson Park site, acquired in September 2007 by one of Australia’s largest opportunity funds, Charter Hall Opportunity Fund No. 5 (CHOF5), the Fund has also acquired an adjoining 1.3 hectare site in Caroline Road.

The total area of the combined sites is 6.4 hectares, with a proposed development comprising approximately 30,000m2 of gross lettable area and car parking for more than 1,000 cars.

Home HQ Hasting will be CHOF5’s first development in New Zealand and with approximately $40 million of additional unallocated equity within this Fund that is approved for deployment in New Zealand, there is significant potential to undertake further projects in the New Zealand market.

Resource Consent for the development has now been approved by the Independent Commissioner and work has already commenced on the site of the old Nelson Park Athletics Facility.

As part of the $18.6 million sale agreement, Hastings District Council has removed the all-weather athletics track, a 58,000 cubic metre embankment and demolished the 5,000 seat grandstand.

Hastings Mayor, Lawrence Yule, was on site to remove the first clod of earth from the embankment and was delighted with the progress.

Mayor Yule said: "We have worked closely with Charter Hall through the various commercial and regulatory processes to get to this point, and we are confident they will add to the range of top flight retailers on offer here in Hastings". Adding further, "Retaining this type of development within the CBD area is key to ensuring Hastings remains a vibrant centre".

With the Council having completed the conditions precedent of resource consent approval and site clearance, the settlement of Home HQ Hastings is anticipated within the next two weeks, in accordance with the Agreement.

The Hastings area has seen substantial growth over the previous year, with retail growth up by 13.3% to $1.3 billion.

Neil Berryman, General Manager for Charter Hall’s New Zealand operations said: “Figures released by Statistics NZ early this year clearly indicate that Hastings continues to be the economic powerhouse for the Hawkes Bay region with 13.3% retail growth for the year ending December 2007, which was at twice the rate of national retail growth of 6.2% for the same period.” Adding further: “With the lack of a competing larger format retail centre in Hawkes Bay, Home HQ Hastings will be the first of its kind in Hawkes Bay that will provide an integrated one-stop shopping destination for food, general merchandise, technology, home, fashion & lifestyle goods and will become the Hawkes Bay’s premier large format retail precinct. Home HQ Hastings offers retailers a unique opportunity to tap into this previously un-catered for and strong demographic.”

With consumers and retailers now demanding more from a retail destination, Home HQ Hastings is being designed for the future in mind with contemporary architecture and sustainable design features that will come together to create a more enjoyable shopping experience. The centre’s innovative design focuses strongly on customer convenience and comfort.

The interactive spaces will allow consumers plenty of room to move, creating an airy relaxed shopping environment where people will enjoy spending time.

With concept plans to integrate the sites almost finalised and negotiations with potential anchor and other tenants progressing well, it is anticipated development of the site will commence later this year with retail trading due to commence in late 2009 or early 2010.

Erin Palmer and Corey Gooch of CBRE have been appointed as leasing agents for Home HQ Hastings.