Family-owned Glenfield Mall, worth NZ$130m, hits the market

Glenfield Mall on Auckland’s North Shore has hit the market after more than 10 years of ownership by Ross and Dallas Pendergast.

Bought from Scentre Group in 2015, the Pendergasts’ Ladstone Holdings has managed to achieve 100 per cent retail occupancy.

According to the Auckland City Council, Glenfield Mall is valued at NZ$130 million.

Comprising five floors and a family-friendly theme, the 55-year-old mall is expected to generate immediate interest from buyers.

The NZ Herald shared a statement from the Pendergasts following the announcement.

“We have enjoyed and are proud of the energy we have put into Glenfield Mall; however, it is now time for us to hand over to new owners as we retire,” the statement read.

“We believe the mall offers an exciting investment opportunity for future growth and value creation, supported by its strong anchor tenants and established customer base.”

• This story was originally published on Inside Retail New Zealand.