A retail complex in Ashburton is set for multi-million dollar makeover.
Ashburton Central is set for a significant facelift by commercial property developer Jack Lourie of Jaxx Property.
The complex comprises three separate buildings surrounding a central 130-space car park.
It includes the 2000sqm former Briscoes building and another 2000sqm that includes tenants City Fitness, Number One Shoes, and Savemore supermarket.
Lourie plans a major overhaul of the former Briscoes building, with up to an additional six tenancies ranging in size from 150sqm to 1000sqm.
“The facelift is complete overhaul of the old Briscoes, including new joinery and façade.”
Prospective tenants are already showing strong interest in the soon-to-be revamped site on Tancred St.
“We’ve already had strong early interest from both local and national tenants who are eyeing Ashburton and recognise its potential,” Lourie said.
“This is an excellent add value project and one we think will be a welcome addition to Ashburton’s retail scene.”
Following a number of long-standing hospitality businesses shutting their doors earlier this year, district councillor Tony Todd said the redevelopment was positive news.
“Anything that brings the CBD to life should be supported.
“Over the last few years retail has shifted with the big box retailers moving into the west side of town so something that will bring people back into the CBD should be applauded.”
Todd was involved in retail in the CBD for more than 50 years and has remained a strong advocate for businesses in the centre of town.
“Anything like this is good for the town as a whole.”
Work on the revamp is about to start and Lourie is hoping to have the redevelopment complete by Christmas.
“We’re confident in Ashburton’s economy and will be in this for the long haul.
“This is our first project in the town and we’re really looking forward to adding to its retail offering.”
He estimates the renovations will mean an end value of the Ashburton Central site being about $15 million.
According to the latest data release from Infometrics, employment growth in Ashburton continues to rise, peaking at 3.4 per cent in the year to March 2024, underpinned by broad based growth, and led by wholesale, agriculture, and education.
Consumer spending in Ashburton rose 4.6 per cent in the year to March 2024, according to Marketview data, which indicates an increase in real spending volumes ahead of inflation of 4.0 per cent.
LDR is local body journalism co-funded by RNZ and NZ On Air.
