The Avonhead Shopping Centre on the corner of Withells Rd and Merrin St in Avonhead was sold by its original owner's family to Jack Lourie from commercial development firm Jaxx.
The mall was built 55 years ago by the late Maurice Carter. His family sold the centre for an undisclosed price.
The mall has been redeveloped twice in the past. The Carter family also attempted to sell it in 2018.
The recent sale was managed off-market by Colliers investment sales broker Courtney Doig and managing director Hamish Doig.
"Jack specialises in commercial refurbishments and wants to upgrade the centre to meet the demands of a modern shopping experience," Doig told chrislynchmedia.com.
"It has stood the test of time very well but will benefit from further enhancements. Jack is excited to work with tenants and reinvigorate the centre."
Carter family spokesperson Philip Carter told Stuff they decided to sell the mall after Lourie approached them about it.
"It’s a wonderful property with excellent longstanding tenants, but the time is right for us to move on and open the opportunity for another owner to add further value,” Carter said.
Maurice Carter opened the mall in Avonhead in the late 1960s. He built hundreds of houses in the area and served as Christchurch deputy mayor for several years. He also founded Carter Group which is now headed up by his son Philip.
