Proposal for Wakatu Square development not to proceed

29/05/2019 12:22pm

During April, a special consultation was undertaken with the public relating to the sale of land in Wakatu Square for a high-quality retail development. The proposed developer, Cephas Property (Nelson) Limited, has informed Council that Farmers no longer wish to proceed as the key anchor tenant for the development.

Following notice of this withdrawal, Cephas have advised Nelson City Council (NCC) that they will not proceed with the proposal to purchase the land in Wakatu Square.

Cephas is a well-respected and established development company, and are disappointed that the proposal will not proceed. Cephas Property Managing Director Steve Baigent said ‘It is disappointing that the proposal put forward will not proceed at this time. We appreciate the effort Nelson City Council has made in considering it, and they have shown they are committed to welcoming development in the City Centre.”
While the retail environment is changing rapidly Farmers have confirmed to NCC their commitment to Nelson's central city. Farmer’s Chief Financial Officer, Michael Power said ”Our store is an important part of the retail offering in Nelson and we are committed to remaining in Nelson to continue to provide the local community with the wide range of quality products that we offer”.
Mayor Rachel Reese has appreciated the interaction with the developer “Cephas has a long history of delivering high-quality retail projects. NCC has appreciated Cephas's open, forthright and trustworthy approach to the process and we share their disappointment that this specific development is no longer an option.”
“The proposal has shown that as a Council we are willing to work proactively with the development community. While it is disappointing to all parties that this particular project is not proceeding, the process demonstrates that NCC is forward-looking and Nelson is open for business.”
“We (NCC) welcome other potential partners with great ideas for enhancing our Smart Little City to make contact at any time.”