The Botany Town Centre unveiled the first & largest stage of a $78 million new development last week.
The new development is being managed by AMP Capital Shopping Centres, AMP Capital’s specialist retail division, on behalf of the owning partnership, PSPIB/CPPIB Waiheke Inc. Naylor Love Ltd is the main contractor.
AMP Capital Investors (NZ) Ltd developed Botany in 2001 but sold it in 2014, as part of a $1 billion-plus portfolio of 18 properties held in the AMP Capital Property Portfolio, to Canada’s Public Sector Pension Investment Board (PSPIB). The Canada Pension Plan Investment Board (CPPIB) acquired a 50% interest in 2017 in what was by then a $1.2 billion New Zealand property portfolio.
The new development will expand the centre to 62,700m², including an extension to the Fashion Pavilions, increasing tenancies to over 200 stores, including new fashion & lifestyle brands.
This follows the completed refurbishment of Hoyts Cinemas, now with more than 1000 powered recliner seats, and creation of an extended landscaped area outside the Pavilions to include a children’s play area & seating for dining.
Upgrades are underway to enclose the outdoor area of Garden Lane, targeted to open in spring.
New retailers opening at the centre in the next month include Mecca Maxima from Australia & international fashion retailer H&M.
Attribution: Company release.