Archive | Wellington

Rest of Queensgate shopping centre to reopen

Stride Investment Management Ltd said on Wednesday it would reopen the balance of the Queensgate shopping centre in Lower Hutt on Thursday 6 April following completion of demolition of a portion of the carpark & its cinema complex.

The centre was closed for inspection after the Kaikoura earthquake in November and partially reopened 11 days later. It will be reclad and a ground-level carpark put in the place of the current demolition site. Some egress points will also change.

Stride Investment Management has previously announced it will rebuild the cinema complex. In the meantime, regional centre manager Jan Plummer said, the ground-level parking & cladding would be a medium-term solution.

“Shrink-wrapping the building to create protection from the elements will allow contractors to take their time in creating the best possible medium-term design aesthetic, with the intention being that the shrink wrap will still be in place at the time of reopening to allow this work to continue.”

Ms Plummer said retailers whose premises remained closed because of the adjacent demolition would be given a confirmed date to access their stores in the next week.

Queensgate is owned by the Diversified NZ Property Trust.

Attribution: Company release.

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Chows revert from hotel to office upgrade for old Colonial Motors building

NZX-listed property company Chow Group Ltd’s management company, CGML Ltd, said yesterday it had axed plans for a 230-room hotel conversion of its century-old 89 Courtenay Place tower in Wellington and, instead, would upgrade it for office use.

Director Michael Chow said the 9-storey 8720m² building would be upgraded to 88% of new building standard, making it one of the highest seismically rated office buildings in the Te Aro district of Wellington.

Mr Chow said the refurbishment would be a multi-million dollar exercise, but didn’t give a precise figure.

The former Colonial Motor Co Ltd building was erected in 1922, with changes to its Courtenay Place façade since then.

Mr Chow said refurbishment would start this month, and phased completion would start happening within 3 months.

The building has 950m² floorplates, some with character ceilings, and it’s best known for its expanse of windows. It has 70 secure onsite parking spaces, accessible from York St.

Last year, the Chow brothers had planned to convert the commercial space into a 4-star 230-room deluxe hotel, but changed their minds after the November 2016 earthquakes, where retaining the commercial property was better aligned to the Chow Group’s business goals.

“An important consideration for businesses is the safety of buildings in the event of seismic activity. The structural integrity of 89 Courtenay Place was not affected by the November 2016 7.8 earthquake, meaning our existing tenants were undisturbed while much of the city came to an abrupt halt.

“As part of our refurbishment plans, we are taking steps to increase our new building standard rating from 71% to 88% and we anticipate high demand for these spaces, which have been offered for immediate lease.” he said.

Naming rights will also be available.

Link:
History, Wellington City Council heritage site

Attribution: Company release.

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11 Total Property auction sales outside Auckland

11 commercial properties were sold at Bayleys’ Total Property auctions outside Auckland last week, on top of 12 sales through its Auckland auction.

A new office building in Hamilton (pictured) sold at a 5.4% yield and an older Hamilton building at a 6.4% yield, yields on Porirua food outlets varied from 5.6% to 7.9%, and 2 buildings in Christchurch sold at yields of 5.8% & 6.1%.

North

Kerikeri

185 Waipapa Rd:
Features: 6340m2 site, 8km from centre of Kerikeri, 590m2 industrial building, 3 short-term leases all expiring in May
Rent: $53,000/year net + gst
Outcome: sold for $785,000 at a 6.75% yield
Agent: Alan Broadbent

South of the Bombays

Bay of Plenty

Tauranga

56 Elizabeth St:
Features: 481m2 cbd site next to large carpark, 890m2 2-level building, partly occupied by Subway, balance of ground floor & upper-level office space vacant
Rent: $43,028/year net + gst; estimated potential income about $180,000/year net + gst
Outcome: sold for $2.15 million
Agents: Brendon & Lynn Bradley

Waikato

Frankton

92 Kent St:
Features: 607m2 corner site, 352m2 2-level building, long established tenant Waikato Drycleaners on 3-year lease from September 2014, 2 3-year rights of renewal
Rent: $32,000/year net + gst
Outcome: sold for $500,000 at a 6.4% yield
Agents: Brendon & Lynn Bradley & Mike Swanson

Hamilton

238 Anglesea St:
Features: 825m2 cbd site on the corner of Collingwood St, 1426m2 2-level new A grade office building, fully leased to 3 tenants on 3- to 6-year leases, Mike Greer Homes on ground floor and the Public Trust above
Rent: $254,661/year net + gst
Outcome: sold for $4.7 million at a 5.4% yield
Agents: Alex ten Hove & Mike Swanson

Wellington

Grenada North

16 Jamaica Drive, unit 44:
Features: 175m2, 6.4m-high warehouse/factory unit, 3 parking spaces in Grenada business park
Outcome: sold vacant for $355,000
Agent: Andrew Smith

Lower Hutt

Alicetown, 5 Victoria St:
Features: 299mworkshop, 3-4 park parking spaces
Outcome: sold vacant for $350,000
Agents: Andrew Smith & Paul Cudby

Porirua

1C Hagley St:
Features: 109m2 unit occupied by Chef’s Palette noodle bar for 3 years from May 2015, 2 3-year rights of renewal, one rear parking space
Rent: $18,130/year net + gst
Outcome: sold for $325,000 at a 5.6% yield
Agent: Jon Pottinger

1D & 1E Hagley St:
Features: 603m2 unit occupied by Dynasty Chinese restaurant for 6 years from July 2014, with one 6-year right of renewal, 2 rear parking spaces
Rent: $72,561/year net + gst
Outcome: sold for $920,000 at a 7.9% yield
Agents: Jon Pottinger

South Island

Canterbury

Amberley

218-240 Carters Rd:
Features: 2.8867ha in 2 titles on State Highway 1 site, 8500m2 of vacant land available for development or lease, about 1000m2 of industrial buildings with 6 tenancies, short average lease term, 60m2 vacant, anchored by timber company Goldpine
Rent: $112,000/year net + gst
Outcome: sold for $1.45 million at a 7.72% yield
Agents: Stewart White, Chris Frank & Alex White

Christchurch

Sockburn, 22 Alloy St:
Features: 1041m2 site, 13 offstreet parking spaces, 546m2 warehouse & office building; Teltrac Communications Ltd has occupied it since early 1990s and has new 6-year lease from January 2017 and 2 4-year rights of renewal
Rent: $92,000/year net + gst
Outcome: sold for $1.504 million at a 6.1% yield
Agents: Stewart White, Chris Frank & Alex White

Waltham, 18 Iversen Terrace:
Features: 1000m2 site, 815m2 warehouse & office building; Larson-Juhl NZ Ltd has occupied it since 2002 & exercised final 3-year right of renewal in September 2016
Rent: $83,816/year net + gst
Outcome: sold for $1.445 million at a 5.8% yield
Agent: Nick O’Styke

Attribution: Agency release.

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Shelly Bay joint venture rejection overturned

The Wellington Co Ltd (Ian Cassels & Caitlin Taylor) has decided to apply for resource consent for a $300 million mixed-used development at Shelly Bay, on the Miramar Peninsula in Wellington, before its joint venture with Taranaki Whanui is finalised.

The trust, Taranaki Whanui ki Te Upoko o Te Ika, also known as the Port Nicholson Block Settlement Trust, is the landowner after buying Shelly Bay from the Government in 2009. It forms about 60% of the trust’s portfolio.

Shelly Bay was a Defence Force base for over 100 years, but the Air Force stopped using it in 1995.

Iwi members rejected the proposal last year but the trust said this week they’d now approved it.

Mr Cassels said his company was discussing with Wellington City Council the possibility of adding adjacent land to the masterplan area. At the moment the proposed development includes 300 houses in a variety of designs, a boutique hotel and a restaurant. 4 heritage buildings are targeted for a range of uses, including hospitality, short-term stay accommodation and commercial mixed use.

6400m² of public open space and a ferry connection to the cbd are features of the proposal.

Wayne Mulligan, elected to chair the trust board late last year, said Shelly Bay in its present state provided very poor returns and constrained the trust’s development & growth.

Attribution: Company & trust release.

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13 sales around North Island

13 sales & 2 leases around the North Island have been reported by Colliers.

Sales

Isthmus east

Newmarket

7 Edgerley Ave:
Features: 716m² site, 464m² commercial building
Outcome: sold for $3.45 million, representing $4818/m² land & building
Agents: Jonathan Lynch & Simon Child

Otahuhu

132 Portage Rd:
Features: 4960m² site, 2324m² office & warehouse
Outcome: sold for $4.5 million at a 6.5% yield
Agents: Hamish West, Ben Herlihy, Andrew Hooper & Matt Prentice

Penrose

60 Hugo Johnston Drive:
Features: 4175m² industrial property, 1117m² 2-level office building & 1087m² standalone warehouse
Outcome: sold for $5.45 million at a 6.72% yield
Agents: Paul Jarvie, Brad Johnston & Greg Goldfinch

Isthmus west

Mt Eden

108 Mt Eden Rd:
Features: 1070m² site, 700m² 2-level office building
Outcome: sold for $4.55 million, representing $4252/m² land & building
Agent: Jonathan Lynch

North-east

Rosedale

63 Apollo Drive, unit B1:
Features: 444m² commercial uni,
Outcome: sold vacant for $1.85 million
Agents: Nick Recordon & Janet Marshall

North-west

Kumeu

202-220 Main Rd:
Features: 4153m² site, 1740m² office & warehouse
Outcome: sold for $2.2 million, representing $530/m² land & building
Agents: Jonathan Lynch & Craig Smith

South

East Tamaki

27 Zelanian Drive:
Features: 5863m² vacant office & warehouse
Outcome: sold for $8.475 million
Agents: Andrew Hooper, Greg Goldfinch, Paul Higgins & Brad Johnston

South of the Bombays

Bay of Plenty

Mt Maunganui

24 Pacific Avenue:
Features: 675m² site, 440m² retail building,
Outcome: sold for $3.075 million at a 4.3% yield
Agents: Simon Clark, Rob Schoeser & Hadley Brown

Rotorua

422-430 Ngongotaha Rd:
Features: 2.66ha industrial development site, 1056m² warehouse,
Outcome: sold vacant for $2.4 million
Agent: Mark Rendell

Manawatu

Palmerston North

360 Albert St:
Features: 382m² site, 220m² retail building,
Outcome: sold for $800,000 at a 5.5% yield
Agents: Phil Nevill, Grant Lloyd & Doug Russell

314-322 Rangitikei St:
Features: vacant 1616m² property,
Outcome: sold for $1 million
Agents: Grant Lloyd, Phil Nevill & Doug Russell

Waikato

Hamilton

69 Vickery St, unit 9:
Features: 681m² industrial/retail unit,
Outcome: sold for $1.416 million at a 5.68% yield
Agent: John Hagar

Wellington

Lower Hutt

71 Port Rd:
Features: 4049m² site, 2411m² office & warehouse
Outcome: sold for $2.83 million
Agents: Tim Julian & Kieran Lennon

Leases

Isthmus east

Mt Wellington

103 Carbine Rd:
Features: 1664m² commercial premises leased to ECL Group Fuel Systems Ltd for a 6-year term on behalf of Windward Properties Ltd
Agents: Hamish West, Paul Higgins & Andrew Hooper

South of the Bombays – Wellington

Lower Hutt

109 Port Rd:
Features: 4852m² commercial premises leased to Linfox Logistics NZ Ltd for a 6-year term on behalf of Seaview Commercial Investments Ltd
Agent: Kieran Lennon

Attribution: Agency release.

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6 Taranaki & Wellington buildings sell

3 New Plymouth properties and 3 in Petone (pictured above) & Porirua were sold last week as Bayleys’ Total Property auctions headed down country.

The 2 sales on Devon St, New Plymouth were at the same price but on very different yields – one of them home to a building with a low seismic rating.

South of the Bombays

Taranaki

New Plymouth

79-87 Devon St East:
Features: 1969m² cbd landholding in 2 titles with frontage also to Gill St; 2-level 2990m² character building, low seismic rating, 5 retail & office tenants
Rent: $225,456/year net + gst
Outcome: sold for $1.2 million
Agents: Alan Johnston & Iain Taylor

137 Devon St East:
Features: 490m² cbd site, 805m² recently refurbished building, 7 basement parking spaces, 8-year lease to franchisee of Cash Converters from October 2015
Rent: $80,000/year net + gst
Outcome: sold for $1.2 million at a 6.67% yield
Agents: Alan Johnston & Iain Taylor

16 Hobson St:
Features: 502m² business B-zoned redevelopment site in cbd fringe, 6-month redevelopment clause in lease, converted dwelling occupied by accounting practice
Rent: $29,724/year net + gst holding income
Outcome: sold for $585,000 at $1165.3/m²
Agents: Alan Johnston & Iain Taylor

Wellington

Petone

220 Jackson St:
Features: 2 retail units totalling 227m² occupied by women’s fashion retailers on ground floor of George Apartments building constructed in 2003, character façade and seismic assessment of 100% of new building standard
Rent: $54,921/year net + gst
Outcome: sold for $830,000 at a 6.62% yield
Agents: Paul Cudby & Andrew Smith

220 Jackson St, apartment 4:
Features: 100m², fully furnished 2-bedroom apartment in George Apartments building, parking space, has been returning $750/week
Outcome: sold vacant for $500,000
Agents: Paul Cudby & Andrew Smith

Porirua

2B Raiha St, Porirua.

2B Raiha St, Porirua.

2B Raiha St:
Features: 3056m² industrial site, 844m² 4-bay warehouse, 2 levels of offices & amenities, surplus land to develop
Outcome: sold vacant for $1.5 million
Agents: Jon Pottinger & Fraser Press

Attribution: Agency release.

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7.5 quake hits top of South Island

An earthquake measuring 7.5 on the Richter scale hit Kaikoura 2 minutes after midnight, and a rolling series of smaller quakes – but still sometimes strong – continued through the night.

Image above: Geonet’s map showing the quake centre.

GeoNet recorded the first quake 15km north-east of Culverden and at a depth of 15km.

Canterbury Quakes Live recorded 33 quakes within a 150km radius of central Christchurch – a small one at noon yesterday, and then the series starting at midnight.

A tsunami warning south of East Cape has been downgraded in the south of the South Island.

The Stuff website said 2 people were feared dead in Kaikoura.

Wellington has gone into closedown.

Links:
Geonet
Canterbury Quake Live
Christchurch quake map
TVNZ: Quake updates
Stuff quake reports

Attribution: Geonet, Canterbury Quake Live, TVNZ, Stuff.

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Updated: 9 sell at Bayleys’ Auckland commercial auction, 2 post-auction, 3 in Wellington, 1 in Whakatane

Published 28 October 2016, updated 7 November 2016:
9 of the 16 properties auctioned in Bayleys 6th Total Property portfolio for the year were sold under the hammer on Wednesday or shortly after.

They included 2 Post Shops, and the post-auction sale of 2 properties in a mixed portfolio offered by one vendor.

Another 2, in Manurewa & Wiri, have sold post-auction at prices substantially above the levels they were passed in at (details below).

In Wellington, all 3 properties in the Total Property offering yesterday were sold. Another in Whakatane was also sold.

The Auckland auction opened with the sale of 2 Post Shop/ Kiwibank premises, one in Royal Oak (pictured) selling on a yield just under 5% and one in Mt Eden on a 3.6% yield. The second of these, on Dominion Rd, went on the market at $3.1 million and sold for $750,000 more. Auction of a third Post Shop property, in Penrose, was postponed. 2 others in Kaitaia & Thames were up for tender, closing yesterday.

3 of the 4 properties offered by Kermani Properties Ltd were passed in and the fourth, a commercial kitchen & retail premises at ground level in the Grand Chancellor Hotel building, was withdrawn. However, sales were later concluded on a standalone building in the Otara town centre & 2 buildings on Papakura’s Broadway.

CBD

Queen St

175 Queen St, unit 14:
Features: vacant 228m² top floor, secure basement parking space
Outcome: passed in at $800,000
Agents: Quinn Ngo & Matt Lee

Victoria Quarter

Grand Chancellor, 1 Hobson St:
Features: 320m² street-level retail unit with kitchen, 2 entrances from hotel lobby & street
Outcome: withdrawn from auction
Agents: Millie Liang & Oscar Kuang

Isthmus east

Otahuhu

56-58 Atkinson Avenue:
Features: Box Building, 283m² corner site, residential & commercial tenants
Rent: $74,396/year net + gst
Outcome: no bid
Agents: Tony Chaudhary & Janak Darji

Penrose

39 Station Rd:
Features: 822m² site, 413m² Post Shop building, 7 parking spaces, seismic rating 60% new building standard
Rent: $63,000/year net + gst
Outcome: auction postponed
Agents: Cameron Melhuish & Andrew Wallace

Remuera

551-553 Remuera Rd:
Features: 531m² site, 220m² 2-level character building, ground-floor retail, offices upstairs, rear access off Upland Rd; 3-year lease from May to long established tenant School Uniform Centre, in occupation since 1998, with 2 3-year rights of renewal
Rent: $57,200/year net + gst
Outcome: sold for $1.69 million at a 3.38% yield
Agents: James Chan, Quinn Ngo & Owen Ding

Royal Oak

794 Manukau Rd:
Features: 581m² site on roundabout, 277m² single-level building, A grade seismic rating; town centre zoning, 27m height overlay; building occupies about half the site on one title, separate land-only title used for casual parking
Rent: $103,000/year net + gst; Post Shop/ Kiwibank franchisee contributes $58,000, balance paid by liquor store
Outcome: sold for $2.07 million at a 4.97% yield
Agents: Cameron Melhuish & Alan Haydock

Isthmus west

Mt Eden

371 Dominion Rd:
Features: 974m² corner site, 581m² 2-level building fully occupied on 3- to 6-year lease terms; Post Shop/Kiwibank franchisee & copy centre occupy the ground floor with an office tenant above; An underutilised vacant land area behind the building, accessed off King Edward St, provides a development opportunity; local centre zoning allows buildings up to 3 storeys incorporating upper floor residential
Rent: $134,362/year net + gst
Outcome: sold for $3.85 million at a 3.59% yield
Agents: Cameron Melhuish & Alan Haydock

North

Whangarei

Kensington, 11 Kensington Avenue:
Features: 2300m² site, new 650m² radiology facility set among other healthcare complexes, 9-year lease to TRG Imaging, NZ’s largest radiology group, one 6-year right of renewal
Rent: $192,000/year net + gst
Outcome: sold for $3.115 million at a 6.16% yield
Agents: Ranjan Unka & Ross Blomfield

North-east

Albany

6-8 Omega St, units 7 & 9:
Features: office units of 227m² & 222m², 8 exclusive parking spaces + more shared
Rent: $110,000/year net + gst from new 3-year lease
Outcome: withdrawn from auction
Agents: Alex Strever & Dean Gilbert-Smith

52 Oteha Valley Rd, unit A:
Features: 70m² retail unit occupied by liquor store
Rent: lease recently renewed for 3 years at $30,102/year net
Outcome: sold for $585,000 at a 5.14% yield
Agents: Matt Mimmack & Alex Strever

South

East Tamaki

20 Kerwyn Avenue, factory 1:
Features: cross-lease, half share in 3000m², 765m² medium-stud industrial premises on high visibility corner site with dual street access; 587m² factory/workshop with 4 roller doors
Rent: longstanding monthly tenancy returning $81,900/year
Outcome: sold for $1.825 million at a 4.48% yield
Agents: Jamsheed Sidhwa & Luke Carran

11 Stonedon Drive, unit H:
Features: 170m² industrial unit, 2 roller doors, 3 parking spaces; tenant of 12 years, United Industries, has signed for an additional 5 years, with 5 more 5-year rights of renewal
Rent: $32,400/year net + gst
Outcome: sold for $720,000 (including $93,913 gst) at a 5.17% yield
Agents: Nelson Raines

Manurewa

Updated: 185-189 Great South Rd:
Features: 2-level 1124m² commercial unit with multiple retail & office tenants, between New World & South Mall entrance
Rent: $215,921/year net + gst
Outcome: passed in at $2 million, sold post-auction for $2.45 million at an 8.81% yield
Agents: Oscar Kuang, James Chan, Tony Chaudhary & Janak Darji

Otara

The Kermani building on Fair Mall place, Otara, sold post-auction.

The Kermani building on Fair Mall place, Otara, sold post-auction.

19 Fair Mall Place:
Features: 501m² site in heart of the town centre, multi-tenanted 980m² building; ground floor fully leased on 3- to 6-year terms to butcher, TAB, pizza outlet & discount store; 485m² upstairs, recently occupied by a nightclub, is vacant
Rent: $174,702/year net + gst
Outcome: passed in at $1.675 million, sold shortly after for $1.76 million
Agents: Oscar Kuang & James Chan

Papakura

28-30 Broadway:
Features: 488m² site in 2 titles, 2 adjoining retail & office buildings totalling 569m², metropolitan centre zoning has height allowance of 40.5m
Outcome: passed in at $510,000, sold shortly after for $545,000 with vacant possession
Agents: Oscar Kuang, Peter Migounoff & Tony Chaudhary

201-203 Great South Rd:
Features: 438m² site, vacant 700m² floor area – 390m² ground-floor retail in former bank, 131m² mezzanine, 179m² rear warehouse & parking
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

82 Hunua Rd:
Features: 1.9488ha site zoned industrial 4 (heavy zoning)
Outcome: no bid
Agents: Shane Snijder & Peter Migounoff

Wiri

Updated: 14 Aerovista Place:
Features: 3931m² bare land, zoned heavy industrial, new 5-year lease from March 2016 to Titan Containers NZ
Rent: $100,000/year net + gst
Outcome: passed in at $1.55 million, sold post-auction for $1.75 million at a 5.71% yield and a land value of  $445/m2
Agents: Nick Bayley & Dave Stanley

South of the Bombays

Bay of Plenty

Whakatane

34 Valley Rd:
Features: 3046m² site, 1548m² storage facility, multi-tenanted 74-unit complex with 95-100% occupancy
Outcome: sold as a freehold going concern for $1.325 million
Agents: Brendon Bradley & Matthew Gibbard

Manawatu

Palmerston North

14-18 Broadway Avenue (auctioned in Auckland):
Features: 337m² site, 1400m² floor area,
Rent: $36,000/year net + gst from 2 tenants
Outcome: no bid
Agents: Quinn Ngo & Owen Ding

Wellington

Lower Hutt – Alicetown

31 Wakefield St:
Features: 485m² workshop/office building, fully refurbished & strengthened to 75% of new building standard, new 6-year lease to Central Electrical which has been in occupation for 15 years
Rent: $55,000/year net + gst, annual 2.5% increases
Outcome: sold for $720,000 at a 7.63% yield
Agents: Andrew Smith & Paul Cudby

Tawa

180-182 Main Rd:
Features: 506m² site in shopping precinct, 670m² 2-level commercial building, 5 leased retail tenancies on ground floor plus 5 smaller office tenancies above and one larger vacant office tenancy
Outcome: sold for $869,000
Agent: Jon Pottinger

Upper Hutt

806 – 808 Fergusson Drive:
Features: 916m² fringe city site, 960m² high stud warehouse; Jetts Gym & Pak ’n Save have new leases running until 2022
Rent: $110,000/year net + gst
Outcome: sold for $1.21 million at a 9.09% yield
Agents: Matt Gibbs & Fraser Press

Attribution: Auction, agency releases.

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Argosy to add development on Hutt Rd site

Argosy Property Ltd has reached an agreement to redevelop the property at 180 Hutt Rd, Kaiwharawhara, Wellington.

Argosy has conditionally entered into a new 9-year lease with Fletcher Distribution Ltd for its continuing use by Placemakers, while also allowing for development of part of the site.

Placemakers will occupy a net lettable area of 3713m² and Argosy will develop an additional 1100m² of retail space. The redevelopment remains subject to resource consent.

Argosy chief executive Peter Mence said on Wednesday the 15-month redevelopment had an estimated cost of $9.39 million. The market value of the property on completion was expected to be $18.8 million, with a yield on cost of 7.26%.

Mr Mence said the redevelopment was consistent with Argosy’s strategy of adding value to existing assets & tenant-driven expansion.

Attribution: Company release.

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Stride redesigns Johnsonville mall in new consent application

Stride Property Group has filed a new resource application for a smaller upgrade of the Johnsonville shopping centre, up the Ngauranga Gorge, 7km north of central Wellington.

In 2009, Stride – then known as DNZ Property Fund Ltd – got consent to increase the centre from 10,000m² to 32,000m². That version was to have contained a 4-level parking building with up to 1280 parking spaces.

The new version will take the mall to 26,000m² with 900 parking spaces.

Under Stride’s new stapled securities structure, Stride Property Ltd & the Diversified NZ Property Trust own the Johnsonville centre in a 50:50 joint venture and Stride Investment Management Ltd, the other side of the Stride group, manages them & the centre.

Stride chief executive Peter Alexander said yesterday the company had taken account of contemporary retail design principles & feedback from a number of sources to redesign the proposal: “Amongst other changes proposed in the updated design, we have reduced the overall scale of the project & the mix of retail uses. We have proposed a dining precinct, which we believe could become a destination in itself, and provided space for a boutique cinema within the complex. These elements will complement the mix of retail outlets & the food court that we have previously included in our design proposals.”

The new design provides for 120 specialty retailers. “Some shops will be located on Johnsonville Rd to preserve & upgrade the community-oriented main street environment. It is proposed that the Countdown supermarket will remain as an anchor tenant in the redeveloped shopping centre.

“This is an important step forward and provides a proposition that we can take to the market. Assuming that the application is approved by the Wellington City Council, the next phase is leasing precommitment, design, building consent and then construction procurement. The development is likely to be constructed in stages and we would target a construction start on site sometime between late 2017 & late 2018, subject to progress with approvals & preleasing.”

Image above: An impression of the corner of Johnsonville & Broderick Rds in the new design.

Earlier stories:
24 August 2016: Stride-managed trust settles 2 Westfield deals
13 July 2016: Stride stapled securities & Investore start trading
13 June 2016: Stride unveils stapled structure & Investore IPO
24 July 2015: DNZ looks to grow investment management as first Westgate project nears completion

Attribution: Company release.

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