Kiwi Property, which has just secured international retailer H&M, is considering a $200 million office and floor space expansion of its vast Auckland Sylvia Park shopping centre where it will also build new offices.
Chris Gudgeon, Kiwi chief executive, welcomed H&M, as Kiwi announced further details of the expansion plans today including a $150 million mall expansion and $50 million of new offices.
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"Kiwi is currently evaluating a 20,000sq m $150 million expansion of the centre's retail offer. The retail expansion project is currently in the pre-development phase (which includes design, consenting and pre-leasing), with construction potentially commencing in 2017 for a possible 2018 completion.
"Kiwi Property is also investigating a potential $50 million office development at Sylvia Park, as part of its town centre vision for the site. Sylvia Park has been a standout performer for Kiwi Property since opening in 2007. The centre has enjoyed strong growth in both retail sales and net income, providing investors with an overall value gain of $180 million above its original development cost," the statement from Kiwi said.