17 Jul 2023
A little under two years since PMG Generation Fund acquired Bethlehem Town Centre (BTC), and it’s thriving. Annual trading data (12-month rolling) shows, collectively, the centre is trading at a 22%* increase compared to the previous year.
While some of the results can be attributed to the end of COVID lockdowns and borders reopening, there has been a tremendous amount of work behind the scenes by PMG Funds’ centre management team. This increase in turnover for the centre, compared with the previous COVID-impacted financial year for the centre, is good news for tenants and our investors. The increase helps to support the revenue of PMG Generation Fund, and enhances the fund’s resilience.
In our efforts to be a property partner of choice for all our tenants the BTC team have undertaken a number of promotional, repositioning, renovating projects for tenants throughout the centre to meet the growing and changing needs of our valued tenants.
Welcoming new tenants
With changing consumer spending habits, we have actively managed the tenant mix and filled any vacant spaces quickly with businesses that cater to the needs of the centre’s customers. These include new arrivals
PETStock and Ko Ko Dak.
Seasonal events and markets
We brought ‘The Day Out Markets’ to Bethlehem, regularly driving increased foot traffic to the centre. Seasonal marketing campaigns, such as the Christmas campaign, also continue to bring existing and new customers to the centre.
Property partner of choice
We work closely with tenants to ensure their spaces are functional and modern. For example, we have constructed an architecturally designed outdoor, covered seating area for Coffee Club
customers, in return for a new eight-year lease with Coffee Club plus an internal upgrade of the cafe to be completed within the next few months.
We also worked with Countdown to support their rebranding, modernising and extension of the current store. This work will see the store provide a covered, direct-to boot click and collect service – the only Countdown in Tauranga where you can pick up your groceries without getting out of your vehicle. We have also agreed renewed lease terms, which secures the store as an anchor tenant for another 12 years, and includes rights of renewal for another 23 years – 35 years in total.
Disclaimer: 21%. This figure presents a change in turnover between May 2022 and April 2023. The total increase in turnover is calculated as a year-on-year percentage change.
The performance period FY23 is a non-COVID-impacted year as compared to FY22 which was COVID-impacted. Past performance is not a reliable indicator of future performance
