MEDIA RELEASE
Quayside has recently acquired a stake in Tauranga Crossing Limited, a premier retail shopping centre located in Tauranga, New Zealand’s fastest-growing regional city.
The investment into Tauranga Crossing is important for Quayside, representing an important partnership with the centre’s original founders, allowing Quayside to leverage off Tauranga Crossing’s considerable retail experience, whilst providing the growth capital to continue the expansion of the centre.
Quayside Senior Investment Manager, Sam Newbury says; “This investment is a great outcome for Quayside as it provides both consistent and stable distributions to the portfolio and whilst simultaneously growing the asset base through the continued development of the centre. Tauranga Crossing is positioned in a key growth corridor in the Bay of Plenty, so there’s a natural alignment with Quayside’s strategic objectives of delivering commercial results and intergenerational prosperity for the region’s people”.
Tauranga Crossing is a large, airy, and contemporary shopping mall located in Tauranga at the intersection of SH29, SH36 and Taurikura Drive. It is home to over 100 stores, grounded with a strong foundation tenancy mix ensuring a diverse range of shopping and entertainment options for visitors, contributing to the centre’s long-term sustainability.
Tauranga Crossing will continue to benefit significantly from planned future developments in its vicinity. The nearby Tauriko Industrial Estate, located directly to the South of Tauranga Crossing, is undergoing rapid development and is expected to host 16,000 jobs upon completion along with the
Tauriko West residential subdivision and nearby Keenan Road Urban Growth development, delivering a combined estimate of 6,500 houses to the catchment.
The centre itself is experiencing significant growth with approximately 13,000 sqm of large format retail set to be delivered in 2023/24 and an extension to the current mall delivering approximately 9,500 sqm of additional retail space set to be completed by 2025.
This exciting investment poses plenty of opportunity and is strongly aligned with Quayside’s strategy and purpose.
For further media information, please contact Quayside at enquiries@quaysideholdings.co.nz or Tauranga Crossing at Lauren.Riley@taurangacrossing.co.nz
