18 | Mid Canterbury: Tricroft Properties T T Rosa Watson Retail development attracts big names REGIONAL DEVELOPMENT An Ashburton property developer is creating large retail spaces in the town that are helping to attract big name tenants and generate millions of dollars of annual spending in the town. Tricroft is a commercial property development and investment business. Its most notable project to date was the River Crossing development on South Street that has attracted big name tenants including Kmart. The company negotiates leasing arrangements with a range of tenants, including Industrial, commercial, retail, and hospitality. Tenants range from small local businesses to SMEs and National and Australasian businesses. “Mid Canterbury is a national and international leader with regard to primary production. This will always lead to growth and opportunities.” The business focuses on project management, coordinating the tenant, civil and construction contractors, designers and meeting resource management compliance requirements to deliver quality property projects. River Crossing - an 18,882sqm site developed into a retail and hospitality precinct completed and opened for trade in October last year - is anticipated to generate tens of millions of dollars in retail and hospitality sales every year, making it a significant retail presence in Mid Canterbury. Between 150 and 180 new jobs were created within the 10 tenancy spaces. “Another great aspect of the employment generation is that the precinct has attracted new people to town from around New Zealand and from overseas,” Tricroft general manager Tony Gilbert says. “This is due to the high quality and wellknown brands setting up for business in Ashburton,” he says. “New businesses such as The Ottoman and St Pierres Sushi had attracted staff from Turkey and across Asia.” The overall development provides approximately 300 carparks, which was an essential component of a great retail and hospitality customer experience. There was a high level of retail leakage out of the district in some retail categories, including around 30-35 per cent of hospitality spend by Ashburton residents, that was not directed to Ashburton businesses, Tony said. This created a significant opportunity for new entrants into the Mid Canterbury market and a very welcome provision for local communities. “We see the opportunity to help improve the quality of commercial property in AshLight commercial, Fit outs and Residential.
RkJQdWJsaXNoZXIy NDc2Mzg=