Tauranga investors purchased a $5 million chunk of what was estimated to be the one of the biggest sell-downs of retail properties ever held in New Zealand.
Eight retail outlets at Fraser Cove went up for auction this month as part of a portfolio of retail properties, which included 11 outlets at West Gate Shopping Centre in West Auckland.

Fraser Cove.

The auction was held in Auckland, but a number of local investors participated in Tauranga via a live video feed.
Four of the Fraser Cove retail outlets were sold at the auction for $5 million.
All of the outlets were purchased by investors who were participating in the auction from Tauranga.
Bayleys Success Realty CEO Ross Stanway says the Tauranga investors contributed to about half of the total $10 million worth of property sold on the day.
"It was a unique opportunity. Investors were able to purchase these properties and would remain under the existing Fraser Cove or West Gate management."
"It was logistically an interesting day to put together because the auction was being held in Auckland. It was a great effort by our Bayleys commercial team."