Timaru's commercial sector in good heart

Media Release

17 September, 2009

Timaru's commercial sector in good heart

Tens of millions of dollars is being poured into Timaru commercial real estate at present, boosting employment for contractors and staff alike.

Timaru's top commercial real estate agent, Peter Wilson of Reid Wilson First National,says any talk of gloom in the city's retail sector fails to take into account big moves by national retailers.

“Timaru is wearing a sense of confidence, particularly in the main street.”

In the past couple of months, Reid Wilson First National has leased three large sites in the main street, two of which are to major companies which haven't had a presence in Timaru before.

Acqisitstions will take over McDonalds central city premises next month and the new business yet to be announced will move into old butchers shop site following an extenisve fitout,

Kathmandu is also moving to Timaru for the first time and there have been several relocations within the main street.

The move of Smiths City, which has moved to the southern end of the main street to have more room, has created space for Powerstore and Dick Smith to relocate, Mr Wilson said.

Expansions of existing stores are also underway: Noel Leemings is creating a larger space for itself in the Central Mall and the Farmers is spending about $3.5 million on an extension underground and carparking above.

“When added to the $20 million Mitre 10 Mega store, and the $60 million-plus creation of a new hotel on the Hydrogrand site, it's easy to be positive about Timaru at present.

“The main street is looking as good as ever – perhaps better than it's ever looked.

“Currently only one large store in the main block is available with possession later in the year.”

In the southern end of the main street, however, there were still quite a few smaller shops vacant, which is indicative of the recession, Mr Wilson said.

“There's a reluctance to start small businesses in this environment, which is understandable.”

He believes Timaru is a positive place to invest with the new Aquatic centre on the district plan as well. 

“There's no doubt that Timaru is in good heart right now.”

ENDS

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