Palm Beach Plaza shopping centre sold

The Palm Beach Plaza shopping centre in Papamoa has been sold to a Nelson-based investor.

Tinline Properties, which owns Richmond Mall in Nelson and Barrington Mall in Christchurch, has bought the Papamoa shopping centre at an undisclosed price.

Managing Director Steve Baigent said the company is very pleased to add Palm Beach Plaza to its portfolio and was looking forward to working with the property and tenants to take the centre into the future.

The centre will be managed by the current manager of Richmond Mall David Hill, a Tauranga man who said he is "thrilled" to be able to return to his home town.

Mr Hill is meeting with the centre's management today and will officially take over on April 1.