AMP Capital Investors Ltd plans a $78 million development & expansion project at Botany Town Centre, one of Auckland’s largest regional shopping centres, for owners PSPIB/CPPIB Waiheke Inc.
The development, announced yesterday, will include the introduction of international & national retailers, an additional mix of specialty retailers, a comprehensive refurbishment of ‘Garden Lane’, a refresh of the fresh food precinct adjoining the New World supermarket and an expansion of alfresco dining.
Portfolio manager Nick Cobham said the existing entertainment precinct, which includes Hoyts, would be refurbished, over 1000 powered recliner cinema seats upgraded, and the Lux premium cinema experience updated.
The development is being undertaken by AMP Capital Shopping Centres, AMP Capital’s specialist retail division, on behalf the owning partnership. Naylor Love Ltd has been appointed as the main contractor for the project.
The expansion follows the Auckland Council unitary plan’s designation of Botany Town
Centre as a metropolitan-zoned hub. Several special housing areas & future residential growth areas surround the centre.
The town centre opened in 2001 with 50,900m² of new retail space, backing on to the existing Pak N’ Save and Warehouse. The expansion will take the gross lettable area over 62,700m², with over 200 retailers. The development is targeted for completion in May 2019.
AMP Capital Investors (NZ) Ltd developed Botany, 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. The Canada Pension Plan Investment Board (CPPIB) acquired a 50% interest last year in what was by then a $1.2 billion New Zealand property portfolio. That transaction was given regulatory approval by the Overseas Investment Office on 7 December 2017.
14 December 2016: Second Canadian pension fund buys into AMP property portfolio
11 July 2014: AMP Property sells $1 billion portfolio, NZ Super Fund looks for new investments
Attribution: Company release.