MAB Funds Management develops new store for Rebel Sports New Zealand
MAB Funds Management (MAB FM) has developed a new store under an exclusive arrangement at Trafalgar Square Shopping Centre in Wanganui New Zealand, adding significant value to the retail centre.
Trafalgar Square Shopping Centre is part of the MAB Diversified Property Trust (MDPT, ARSN 103 463 467), an unlisted unit trust owning 11 retail, office and industrial properties throughout Australia and New Zealand.
The 1100 square metre Rebel Sports store opened for business this month with the group signing a nine-year lease with MDPT.
The new development incorporates additional on-site car parking and a new access point to the Trafalgar Square Shopping Centre, the only enclosed shopping centre in Wanganui. The development strengthens Trafalgar Square’s position as one of the predominant retail destinations in the region.
The Rebel Sports store was developed and project managed by MAB Corporation using in-house expertise and was delivered on time and budget.
According to Robert Rafaniello, General Manager of MAB Delivery, the key challenge of the Rebel Sports store design and construction was to maintain integration and amenity with the existing centre while respecting the historical significance of the site.
“The site contained artefacts that dated back to its early occupation in the mid 1800s and we employed archaeologists during excavation to ensure items of historical significance were safely retrieved, cleaned and catalogued”, explained Rafaniello.
“We even engineered the store to preserve and prevent any damage to an underground malt kiln left on the site which was used in the 1867 Crown Brewery.
“We are very pleased with the result and have achieved an engaging design that translates to a commercially sustainable development”, said Rafaniello.
General Manager for MAB FM, Mr Nick Gray, agreed. “From all feedback Rebel Sports are very happy with their new premises. Having the development project managed by MAB helped ensure a smooth delivery.
“The development is a perfect example of MAB FM’s strategic and proactive approach to asset management. We now have eight retail centres under management across Australia and New Zealand and we’ve accrued specialist knowledge in this area.
“We have again demonstrated our ability to add value and transform retail property into quality investment products.
“We’re delighted to have Rebel Sports on board as a tenant. It provides another anchor for the centre and cements Trafalgar Square’s position as the foremost shopping destination in Wanganui.”
Trafalgar Square Property Details:
– Purchase Price: August 2005: NZ$14,000,000 (A$13,102,000 approx)
– Site Area: 2.635 hectares
– Car Parking: 473 spaces
– Major Tenants: Rebel Sports, Progressive Limited (trading as Countdown supermarket) and The Warehouse Limited
– Lettable Area: 14,061 sqm
– Lease Expiry: Progressive – November 2009. The Warehouse Ltd – June 2010. Rebel Sports – 2015.
MDPT Overview
– 11 properties well diversified by property sector and location.
– 64% retail, 31% office, 5% industrial*.
– 32% NSW, 17% QLD, 14% VIC, 11% ACT, 5% WA and 21% in New Zealand*
*by value and upon completion of Village Central Wyong in October 2006.
– Gross assets of $150 million (upon completion of Village Central Wyong in November 2006).
– Weighted average lease expiry of 5.8 years from 1 August 2006.
– Vacancy by income of 2% as at 1 August 2006.
– Major tenants include Coles Myer, Woolworths, Australian Government Solicitor, Tyco, Fitness First and in New Zealand K-Mart (Coles Myer), Progressive Limited and The Warehouse Limited.
– MDPT Properties: Rivervale, 1-3 Eyre Street Perth WA; Town Plaza Shopping Centre, Charters Towers QLD; Rising Sun Shopping Centre, Townsville QLD; 2084 Logan Road, Upper Mount Gravatt QLD; Village Central Wyong Shopping Centre, Wyong NSW; Cowra Plaza Shopping Centre, Cowra NSW; Lionel Murphy Building, Barton ACT; Mornington Village Shopping Centre, Mornington Victoria, Trafalgar Square Shopping Centre, Wanganui NZ; The Plaza, Hastings NZ.
About MAB Funds Management
MAB Funds Management is a specialist property investment manager. Formed in 2001, the team has established a successful track record in managing property assets throughout Australia and New Zealand. A key strength of MAB FM is its ability to offer investors an integrated property investment team incorporating funds management, asset management, development management and support services.
MAB FM has over $190 million funds under management in the MAB Bourke Street Trust, MAB Healthcare Trust, MAB Development Fund 1 and MAB Diversified Property Trust.
MAB FM is a subsidiary of diversified property group MAB Corporation. With $1.5 billion in projects completed or commenced, MAB Corporation generates approximately $200 million in annual sales and has net assets approaching $200 million. MAB Corporation was formed in 1995 by Michael and Andrew Buxton – whose family has been active in real estate since 1861 – and employs over 100 people in its property investment, development and management businesses.