DNZ Property Fund Ltd said yesterday it had preleased over 90% of its NorthWest Shopping Centre at Westgate.
Chief executive Peter Alexander said the NZX-listed company’s divestment programme was also on track.
He said construction of the new mall was on schedule for opening in October, and DNZ had also started design work on the Westgate stage 2 development – a further 7000m² of retail, dining & office space on land opposite its $155 million NorthWest Shopping Centre.
The company reduced the percentage of contract annual rental expiring in the March 2015 financial year from 3.49% at 1 October to 2.52% at 31 December, held its occupancy rate at 99% and sold 3 more non-core properties.
DNZ has settled $25.3 million of sales under its divestment programme. The latest 3, settled in January were: 12 Tyers Rd, Wellington, for $2.85 million; 13 Jarden Mile, Wellington, $2.9 million; & 709 Te Rapa Rd, Hamilton, $12.4 million.
The company has a $788 million diversified investment property portfolio.
CBRE has just begun promoting the next DNZ property for sale, 8 Rockridge Avenue, Penrose, an office building with net lettable area of 3149m² & 130 parking spaces on a 4900m² site.
Attribution: Company release, agency promotion.