Sylvia Park leasing well

Kiwi Income Property Trust (KIPT) says it has leased 79 per cent of the retail space for stage two of its Sylvia Park development in Auckland.

The 62,000sq m project is being developed in four stages. KIPT said the second stage tenants will include about 50 fashion retailers and a Pak 'N Save supermarket.

About 97 per cent of the development's first stage has been leased.

Chief executive of the manager of KIPT, Angus McNaughton, said about 65 per cent of total area of Sylvia Park's four stages has now been leased.

Stage one is due to open in mid-2006, and stage two in the third quarter of 2006. Mr McNaughton said the leasing focus would shift to stages three and four early next year, with completion of the centre set for mid-2007.

Brands to have committed to Sylvia Park include surfwear store Amazon, Life Pharmacy, stores within the Just Group as well as New Zealand fashion retailers like Hallensteins, Glassons, Max, Canterbury, Bendon and Line 7.

KIPT attracted criticism from unitholders at this year's annual meeting in September over the way it has approached the development, with some unitholders unhappy the trust had not taken on a partner to help fund the venture.

- NZPA