Kiwi Income trust finishes first stage of $90.9m redevelopment

Kiwi Income Property Trust today confirmed it had completed the first stage of a $90.9 million redevelopment of Northlands Shopping Centre in Christchurch.

Trust chief executive Angus McNaughton said the first stage, which included 54 speciality stores and 400 undercover carparks, would be officially opened tomorrow.

The two-stage redevelopment would see the centre double in size to 40,700sq m, to be finished by Easter 2004.

"This will make Northlands Shopping Centre the largest enclosed shopping centre in New Zealand," Mr McNaughton said in a statement.

On completion, the centre would have 120 speciality stores.

Stage two of the redevelopment would focus on the fashion and homeware sectors, as well as building a 12-outlet foodcourt, he said.

Major tenants for store space included Farmers, Pak'N Save, The Warehouse, Hoyts Cinemas, and Countdown supermarket.

In late May, the trust reported a $44.75 million net profit after tax for the March year. In afternoon trading, its shares were unchanged at $1.02 having traded between 88 cents and $1.02.

- NZPA