South City Mall is coming back into local ownership.
The property was sold at auction last night in a $1.8 million deal
Auctioneer Sean Bellew confirmed to whatsoninvers that the purchaser is a Southlander but wants to remain anonymous.
Sean Bellew says the buyer is not going to sit back and rest on his laurels but wants to get cracking and redevelop the mall.
He says that will start with a maintenance programme when the buyer takes over on July 1st.
Sean Bellew says that will assist in making the mall attractive again for businesses.
He says the purchaser sees real strength returning to South Invercargill. This largely brought about by the rejuvenation programme and first home buyers using their Kiwi Saver funds to buy their first home’s in the area.
Mr Bellew says Kiwi Saver is making a big difference for first home buyers to complete their right of passage to owning their own homes.
He says absentee landlords are moving out of the market and locals are moving back in.
The property was co-marketed by Trevor Thayer for MacPherson Realty Professionals Ltd.
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