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Christchurch

Multi-residential developments forecast to boost Eastgate sales


 

 

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A surge of multi-residential housing developments in the wider Linwood catchment area are underway which points to an attractive future for Eastgate Shopping Centre according to JLL retail sales and leasing specialist Anton Ritani who is currently seeking expressions of interest for tenancies at the centre. 

JLL researchers have confirmed13 multi-residential developments in the Linwood area alone over the past year that will allow for 114 housing units, with the majority of the developments in the commencement stages. In the greater catchment area of Eastgate Shopping Centre, JLL researchers ran another search on multi-residential developments with estimated construction costs of $5 million and above and found another four large residential developments in the pipeline that will provide for 235 housing units and two new large retirement villages that will cater for circa 260 residents. 

Ritani says he expects that this intensification of housing will spur on interest for retail leasing space at the centre and greatly boost the appeal for prospective tenants. “The scale and services that are currently offered at the centre will soon need to support a heightened increase in the number of residents within the local catchment area in the near future and therefore more retail offerings will need to be provided.” 

The overall foot traffic of Eastgate Shopping Centre is already up 30 percent according to owners of the mall NPT Limited. “We can expect that a greater number of residential developments within the vicinity of Eastgate is likely to increase the population of the area, driving an increase in foot traffic and as a result will add more economic support to the centre,” says Ritani.

JLL are the property managers for Eastgate Shopping Centre and are currently seeking tenants for six retail spaces within the centre that range between 29sqm and 220sqm as well as another three proposed external food and beverage sites of approximately 145sqm each NPT are also in the process of attracting restaurants and a range of speciality stores aimed primarily at male shoppers as part their wider strategy to develop a community-based town centre.

“Confidence from retailers is certainly encouraged by NPT Limited’s commitment to the further development of the centre and with the new residential developments underway in Linwood, there is a lot of growth on the rise for this area,” says Ritani.
Eastgate Shopping Centre is located on a busy intersection of arterial roads Linwood Avenue, and Buckleys Road and currently has over 40 stores, including flagships Countdown, The Warehouse, Warehouse Stationery, Number 1 Shoes, Linwood Library and Lincraft, as well as a 300-seat food court.