Scentre Group project manager, Sean Nash, talks about the Newmarket shopping development.
Westfield Newmarket and four other malls half-owned by Scentre Group have increased in value by $43 million, the firm said in its latest financial result.
And retail interest in the $790 million Newmarket shopping centre redevelopment at 277 Broadway is "strong than expected", with demand across all categories of trade.
ASX-listed Scentre reported A$1.28b revenue in the six months to June 30, up 6.5 per cent from the same period in 2017.
Net profit rose 3.6 per cent from A$1.41b to A$1.46b. Categories of trade to report growth included fashion up 3.3 per cent, general retail up 7.6 per cent, footwear up 1.1 per cent, retail services up 3.3 per cent and health and beauty up 3.1 per cent.
Scentre said it had a A$400m share in the Newmarket redevelopment "which will create the leading lifestyle and fashion destination in New Zealand".
"The redevelopment will feature the first David Jones in Auckland and the newest format stores for Farmers and Countdown," Scentre said.
"A new Event Cinemas complex will offer both V-Max and Gold Class, and a rooftop lifestyle, dining and entertainment precinct will deliver some of New Zealand's finest food and beverage operators in an outdoor space that will complement and enhance the local scene.
Scentre malls here and in Australia get 530 million visits from customers each year annual customer visits.
The company told investors that Auckland's Albany and St Lukes centres were part of its planned A$3b "future developments" along with many Australian sites.
The Newmarket redevelopment project started in the first quarter of 2018 and is due to be completed in the final quarter of next year, it said. Once finished, the shopping and lifestyle centre is expected to have about 230 new stores.
The value of New Zealand malls increased by $43 million, as the five Westfield-branded centres rose in value from $1.213b last year to $1.256 by June this year.
Scentre owns 51 per cent of the five New Zealand malls. The other 49 per cent is controlled by a Singapore government investment fund.
Scentre Group's redevelopment of Westfield Newmarket. Photo/Michael Craig
Results showed valuations on the Newmarket and St Lukes malls as being static but big valuation uplifts at three other malls.
• Westfield Albany's value up from December's $301.4m to June's $306m; • Westfield Manukau, up from $189m to $211.7m; • Westfield Newmarket, static at $141.8m, shut, being redeveloped; • Westfield Riccarton, up from $316.2m to $331.5m; • Westfield St Lukes, also static at $2652.M
