12 | T T Karen Phelps A boost for retail in southern city REGIONAL DEVELOPMENT Thompson Property Group Your Local Air Conditioning & Refrigeration Specialist 143 Bill Richardson Drive, Invercargill office@refrigeration.co.nz T: 03 218 3941 www.refrigeration.co.nz Thompson Property Group is bringing fresh energy to Invercargill’s retail scene with its latest project at 150 Dee Street, a site that has been in the company’s portfolio for many years. Gaire Thompson, who co-founded the group with his wife Nanette in 2009, says the redevelopment will create a modern, flexible bulk retail hub in the heart of the city. “We’ve had the property for a long time, with Farmers as the original tenant until they relocated to Invercargill Central,” explains Gaire. “The building was specifically built for Farmers over two levels. The ground floor is now being split into various tenancies, with Bargain Chemist NZ as the first confirmed tenant.” The development, which will be known as The Hub, is also looking to incorporate an adjoining building that provides pedestrian access to Dee Street, with the Thompson Property Group currently having a contract to purchase it. “This neighbouring building has several tenants and shares a car park with our building, so we are aiming to integrate it into The Hub,” says Gaire. Flexibility is central to the project. Free customer car parking will also be available, which is expected to make the site particularly attractive. “Presently, we still can adjust the tenancies to suit the retailer. We aim to meet the tenants’ needs as much as possible,” he says. “There has been a marked increase in enquiry. Once various tenants have committed, our flexibility will be limited by the space remaining.” The second level, which comprises over 3000sqm, as does the ground floor, offers a similar flexibility. It can be leased either as a single tenancy, or subdivided depending on the nature of the tenant’s business and their needs. With access via stairs, lift and escalators it provides a variety of potential uses and a range of activities. Gaire says several national retailers are looking to secure a spot in Invercargill and Thompson Property Group has been in discussions. “Invercargill may have once been viewed as too far away by many large retailers, but the city’s provincial location and proximity to Southland’s rural population make it an attractive base for retailers because of the easy access and free parking.” The project complements the development of Invercargill Central, the city’s mall redevelopment that has reinvigorated the central business district and drawn both retailers and shoppers back to the area. Once completed, The Hub will provide more variety in bulk retail offerings and further strengthen Invercargill’s commercial appeal. Thompson Property Group already has a strong presence in Invercargill, and other provincial towns and cities as far north as Wanganui. For example, in the Leven St precinct in Invercargill, Thompson Property Group owns the building housing The Warehouse, opposite The Hub, together with the new Hunting & Fishing premises. Between these two, the company has buildings currently home to Brides by Donna Rae, Vac Direct (formerly Godfreys), Baby City in the front, with additional space at the rear available for lease in the previous T7 building. 20 Leven St is home to Noel Leeming, Number One Shoes, Kiwi Beds, Fusion Fitness gym and new computer/phone repairer trading as Phone Parts. Level 2 Leven St, commonly known as the Invercargill Railway Station, includes offices, a café, and other tenancies. Gaire and Nanette, originally from Canterbury but long-time residents of Nelson, established Thompson Property Group to serve as an umbrella for their various companies, one of which is Pascoe Properties Limited. Today, the group specialises in commercial, industrial and bulk retail properties. “Our focus has always been on working closely with tenants and building long-term relationships based on flexibility and expertise,” says Gaire. The group has other redevelopments planned across the portfolio, for example in Nelson plans are underway to renovate a central shopping arcade in the city.
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