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Silverdale Mall in Millwater Parkway, owned by the James Pascoe Group, opens on March 22.
James Pascoe is the parent company of Farmers, Whitcoulls, Pascoes, Stevens and Stewart Dawsons.
Farmers, Whitcoulls, Stevens and Specsavers are all deserting Coast Plaza in Whangaparaoa this month to relocate to the new mall. This will leave even more large stores vacant in the already troubled retail centre.
Coast Plaza has six large tenancies and 47 specialty stores. The departure of Farmers and the other stores to Silverdale will leave around 13 shops vacant – 24.5 percent. Latest figures from Barfoot & Thompson put retail vacancy rates for Whangaparaoa in general at four percent.
However, new owners are prepared to take on the challenge of bringing business back to Coast Plaza and are in the final stages of purchasing the centre. Recently they spoke with the Hibiscus & Bays Local Board about hopes for a strong community focus. Blair Peterken of Colliers International, who is handling the sale, says that the prospective owner is also suggesting that in future the emphasis could be on food and beverage outlets with less clothing and general retail stores.
