Coast Plaza could change hands

The management of Coast Plaza says big changes could be ahead for the shopping centre in Whangaparaoa, if Tinline Property Group purchase it.

Last month acting centre manager Caroline Craven confirmed that the Nelson-based Tinline had approached Coast Plaza’s owner, Greenwhale Holdings, about buying the facility.

She says company representatives told her that the first thing they would do if the purchase goes ahead is put money into restructuring Coast Plaza’s “awkward” layout.

“We’re excited that some money could go into getting this place right,” she says. “It should be a little goldmine with all the development going on around here.” She says that all going well, a deal could be finalised by the end of this month.

Tinline executives visited the mall recently to speak with tenants and they also brought in valuers.

The company specialises in developing and managing commercial property – mainly suburban malls. Its portfolio of retail properties includes Richmond Mall in Nelson, Barrington Mall in Christchurch and Papamoa Plaza in Tauranga.

Tinline’s chief operations manager Tim Raateland says the company is in the midst of due diligence and cannot comment further at this stage.

Greenwhale Holdings purchased Coast Plaza at the end of 2012 for $29.5 million.