Development Director

Terry May

KMart Shopping Centre

Cnr St Aubyn East & Karamu Rd, HASTINGS

10,000m2 Retail Centre

Much of Land Equity's success in developing commercial property comes from having an open mind.  Taking a 360 degree perspective often brings business opportunities to the surface, and we have had considerable wins in seeing where value can be added to under-performing assets through relatively expedient and cost effective decisions. Such was the case with the Hastings Kmart Shopping Centre.

To the eye, this complex had failed to move with the times; the life had gone from it and it was out of favour with retailers and shoppers alike. Its rundown appearance and vacant stores belied the positives of its location however, as a shortage of quality and interesting retail space had been identified in the Hawkes Bay region. We knew that considerable value could therefore be unlocked from this well positioned property if it was refurbished and repackage in an innovative way.

The quality-focused makeover process that followed saw a vibrant and modern retail space emerge, one that immediately attracted full occupancy and drew more foot traffic that ever. It was this turnaround that led a major Australian investment fund to purchase the Hasting Kmart Shopping Centre in 2005.
Knowing that the location was a prime retail spot, we held onto land adjacent to the complex for potential development in the future. This came in the form of the Russell Street Retail Centre, a recent development comprising of a bustling cafe and four retail stores.