AMP builds shopping neighbour for Botany

By ANNE GIBSON

AMP is spending more money on southern Auckland shopping centres, hard on the heels of the opening of its $185 million Botany Town Centre.

It has started construction of another large retail development across the road from Botany called The Hub, on a 5.2ha corner block at the intersection of Ti Rakau Drive and Te Irirangi Rd at Botany Downs in Manukau City.

But this time, AMP is in a joint venture with private investment firm Willis Bond & Co, which is also developing The Gate, a 13.8ha industrial complex in Penrose.

Botany - New Zealand's largest retail development - was opened progressively between May and August this year.

AMP Henderson Global Investor's latest venture at The Hub is far smaller and more directed in its tenancy aim, seeking to lease shops for fast food, bulk retail, lifestyle and DIY.

Tenants who have already signed up are food retailers Pizza Hut, Dunkin Donuts, KFC and Wendy's; DIY/home retailers Craftworld, Resene, Sofa Spot and Cassarendo (Michael Teng Furniture); and NZ Drycleaners and WestpacTrust.

AMP cites rapid population growth as the reason for its investments in both Botany Town Centre and The Hub.

At 15,000 sq m, The Hub is promoting its shops as ranging in size from 110 sq m to 1400 sq m.

Botany is more than 50,000 sq m, but with bulk retail stores as well.