Joint venture by AMP & Willis Bond
Bayleys will put all 13 outlets in the Botany retail complex, The Hub, up for auction on Wednesday 14 August.
The Hub was originally planned by Westgate developer Mark Gunton, who hit resistance from AMP Henderson Global Investors Ltd, which was planning its 17ha Botany town centre project, across the Te Irirangi Drive/Ti Rakau Drive intersection, at the same time. AMP has opened its town centre development and entered a joint venture with Willis Bond & Co (Malcolm McDougall) to develop the 5.2ha Hub site into 16,000mÂ² of retail space.
The Hub properties for sale include KFC, Wendy’s, Pizza Hut and Dunkin’ Donuts food outlets and the substantial Eat Asian foodcourt.
Other shop premises in the auction include a WestpacTrust tenancy, a Vehicle Testing station which is part of an auto mall within The Hub, Payless Plastics, Blockbuster and a Ballentynes fashion store. 7 will be sold with new 9-year leases, 4 have 12-year leases & 2 have 6-year leases.
Bayleys’ commercial sales manager, Michael Bayley, said the annual net rents of $90-240,000 put the units in a good price range for smaller to medium-sized investors.
Michael Pleciak, of Willis Bond, said The Hub was designed to complement the Botany town centre both visually & in terms of its tenant mix. AMP Shopping Centres, AMP’s retail property management arm, manages both centres.