Westfield shopping mall owner Scentre Group Ltd has put WestCity in Henderson back on the market, this time through Auckland agency Whillans Realty Ltd & Sydney agency McVay Real Estate Australia.
Whillans hasn’t opened a public campaign yet, but provided the images to support McVay’s Sydney campaign.
6 of Scentre’s 40 malls are in New Zealand, and WestCity is the last still wholly owned by the company after it sold 49% of 5 of them – Albany, Manukau, Newmarket, Riccarton & St Lukes – to Singapore’s sovereign wealth fund, GIC, at the end of 2014.
Scentre put WestCity & the other 3 New Zealand centres on the market last year and sold 3 in November – Glenfield to Ladstone Holdings Ltd, Queensgate in Lower Hutt & Chartwell in Hamilton to the Diversified fund managed by Stride Property Ltd – for a combined $549 million.
According to the Australian Financial Review yesterday, McVay is looking at an $A175 million price tag for WestCity, which sits on 5ha across the rail tracks from the former Waitakere City Council chambers. The mall has 3 anchor tenants, cinemas & 130 specialty stores in a net lettable area of 36,144m², and 1492 parking spaces.
Agency director Sam McVay said intensification of the surrounding area would underpin growth, but loosening of development limits under the new unitary plan meant the mall itself could be further developed to 18 levels of apartments.
24 February 2016: Lowy says first results vindicate Scentre restructure
27 November 2015: Scentre sells 3 malls to locals, one to go
25 February 2015: Scentre to sell the other 4 NZ malls
7 November 2014: GIC buys into 5 NZ Westfield malls
Attribution: McVay, Australian Financial Review.