Sylvia Park almost full as retailers rush for shops

Sylvia Park will not be finished until next winter but its owners say it is already 91 per cent leased.

A group of middle-sized stores have signed up for 7880 sq m of the $388 million Mt Wellington shopping centre and negotiations are well advanced for the last part of the park.

Angus McNaughton of Kiwi Income Property Trust said yesterday lease agreements had been signed for more than 84 per cent of the shops.

The 21,300 sq m stage three was 79 per cent leased by projected net rental income and the 9700 sq m stage four was 61 per cent leased on the same basis, he said.

Sylvia Park has not been without problems and detractors. Design issues with disabled access, criticism from influential financial investors about the amount of risk being taken on by such a large project and questions surrounding how well some stores were trading have dogged the centre since its winter opening.

At its opening, Transit NZ threatened to shut some access routes if shoppers caused more traffic jams.

Stage one with 22,700 sq m and two with 14,200 sq m were fully leased when they opened earlier this year. Stage one opened on June 8 but threw Auckland traffic into chaos as shoppers stormed the Mt Wellington site.

The Warehouse Extra had offered cheap television sets and curiosity about the new centre drew thousands and clogged the Southern Motorway and other roads.

The centre will have 201 shops when it is finished spread over 6.7ha of indoor space or 67,000 sq m. Stage four will have 2700 sq m of office space.

The park will have 30,300 sq m of major tenants like The Warehouse Extra, 10,200 sq m of "mini-majors" and 24,700 sq m of specialist stores.

Stage two opened without major traffic issues, causing the rival Newmarket Business Association to crow about a lack of interest in the park.

If the trust expands the park with more offices, it could spend up to $538 million on its site.

Units in Kiwi Income yesterday closed up 1c at $1.35.

COMING SOON

Sylvia Park's stage three

Opening second quarter next year:

Bookseller Borders, 2200 sq m.

Dick Smith Electronics Powerhouse 1990 sq m.

Clothing and sports good store Kathmandu 890 sq m.

Gastro-pub Garrison 540 sq m.

Stage four

Opening mid-next year:

EziBuy 1290 sq m.

Noel Leeming 900 sq m.

The Baby Factory 610 sq m. Sylvia Park almost full as retailers rush for shops