The Hub Hornby was acquired 17 years ago by Shopping Centre Investments Limited (SCIL), who has approximately 200 shareholders, many of whom are based within the Canterbury region. Throughout this time, the mall has gone through a number of expansions and is now considered a mall of regional significance, with a valuation of $135million. There are over 60 retail stores, providing a wide range of goods and services.
The mall is situated perfectly to take advantage of the building explosion in nearby suburbs. Over 7,500 new households have been built in the surrounding suburbs, and there have also been multiple large industrial developments bringing an influx of people into the area every day. This has led to around 130,000 customers visiting the centre each week. The mall has a very strong community focus, involving itself in a number of local charities. The local composition of its governance board also ensures it is immediately attuned to its tenants and the area it serves, which has been crucial to success.
Nexia New Zealand has worked in partnership with SCIL throughout its development of The Hub Hornby. We constructed detailed multi-year cash flow projections, and worked closely with the project manager to monitor budgets. We also worked alongside the Quantity Surveyors, Structural Engineers, Valuers and Bankers throughout the project, enabling us to offer much more than the usual compliance and advisory solutions. This included assisting in the preparation of content for a successful share and convertible note issue, the last two of which raised over $30m.
Nexia New Zealand can also assist clients with managing their commercial properties, as we do for The Hub Hornby. We have a dedicated experienced property manager available to work with our clients to manage their properties on a day-to-day basis, including:
- liaising with the tenants;
- monitoring and taking required action before key dates (rent reviews, rights of renewal and lease maturity);
- liaising with valuers, insurance brokers and leasing agents;
- arranging required maintenance; and,
- monitoring rent received and on-charging expenses.
If you would like to discuss further how we can assist with managing your commercial property, whether it be on a day-to-day or short term basis, please contact Andrew Kidd (Associate) on email@example.com, Beth Christoffersen (Property Manager) on firstname.lastname@example.org, or your Partner at Nexia that you normally deal with.