The Christchurch syndicate which used an earthquake insurance payout to buy the Waitakere Mega Centre in Henderson in 2014 has decided on a rebrand to The Boundary.
The centre, on Vitasovich Avenue, across the road from Westfield’s WestCity mall, has 23 specialty shops in a net lettable area of 18,027m², including national brands Ballentynes, St Pierre’s & Lighting Direct. It’s anchored by Kmart, Briscoes & Rebel Sport and has 800 parking spaces.
Colliers’ real estate management national director Richard James said the new centre name was chosen to reflect its location between the bustle of the city and the lush, wild greenery of the Waitakere Ranges. The intention was to blur the lines between its retail spaces & the surrounding natural environment.
Mr James said the transformation would take place in stages, starting with a refurbished Kmart lobby, replacement of the lift with a new glazed elevator, upgraded external seating areas & a refurbished carpark.
Urbus Properties Ltd redeveloped the centre in 2005-06, as the company was being taken over by the ING Property Trust. The combined business became Argosy Property Ltd, which sold the centre to the Christchurch syndicate in 2014 at the book value of $45.75 million.
Syndicate directors & shareholders include Ashburton farm management consultant Andrew Macfarlane, founder of Macfarlane Rural Business Ltd, chair of Ngai Tahu Farming Ltd, former chair of Deer Industry NZ and appointed a director of Fonterra Co-operative Group Ltd on 2 November. Longtime Christchurch property investor Peter Rae is also a shareholder & director of the syndicate company, renamed The Boundary Ltd on 1 December.
Syndicate members used a payout on the 17-storey Forsyth Barr House, badly damaged in the 2011 Christchurch earthquake, to buy the West Auckland shopping centre.
3 August 2014: Argosy sells Waitakere Mega Centre
18 November 2004: Urbus to turn Waitakere Plaza into bulk retail centre
Attribution: Agency release, Company Register.