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AMP Capital today announced a $78 million development and expansion project at Botany Town Centre, one of Auckland’s largest regional shopping centres.
The development will include the introduction of international and national retailers; an additional mix of speciality retailers, a comprehensive refurbishment to ‘Garden Lane’, a refresh of the fresh food precinct adjoining the New World supermarket and an expansion of the alfresco dining offer. This is in addition to the existing entertainment precinct which includes HOYTS undertaking a major refurbishment, with the upgrade of more than 1,000 powered recliner cinema seats, updates to the HOYTS LUX premium cinema experience and more.
AMP Capital Portfolio Manager Nick Cobham said: “After considered preparation and planning, we are thrilled to announce a significant retail, leisure and entertainment expansion in one of Auckland’s fastest-growing and most populous areas. Botany Town Centre has always been the hub of the Botany community and will remain close to its roots in both design and spirit – just in a bigger, better and even more inviting format.”
The centre’s historical success, the growth of the surrounding suburbs and the demand for ever more sophisticated, globally-focused and interesting retail, food and entertainment offerings mean investing in the centre is a must. Investors certainly see the value in further investment to ensure Botany continues to meet the shopping and entertainment demands of a thriving local population.
Botany Town Centre opened in 2001 and quickly became an integral part of the east Auckland community. Currently Auckland’s second-largest shopping centre by lettable area, the vision is to continue to be New Zealand’s pre-eminent town centre that incorporates quality retail, lifestyle and leisure offers, and an excellent investment opportunity for our investors.
The development is being undertaken by AMP Capital Shopping Centres, AMP Capital’s specialist retail division, which has over A$10 billion in assets under management. The 300-strong team manages a portfolio of 30 shopping centres in Australia and New Zealand including Botany Town Centre and Manukau Supa Centa in Auckland, Bayfair Shopping Centre in Tauranga, and The Palms in Christchurch. AMP Capital Shopping Centres Development Manager, Paul Hudson said, “The investment in this development represents a significant measure of confidence in the centre. We know our shoppers will love the enhanced experience when it’s complete and we are excited to get started on this large-scale programme that is part of a wider masterplan for the centre.”
The expansion follows the Auckland Council Unitary Plan’s designation of Botany Town Centre as a metropolitan zoned hub. Several Special Housing Areas and future residential growth areas have been identified surrounding the centre and have been fast tracked for development. The redevelopment will enable it to cater to the needs of the growing population within the community.
The expansion will bring Botany Town Centre’s gross lettable area to more than 62,700 square metres, with over 200 retailers, while still embracing the qualities of an open shopping centre that shoppers enjoy. Botany plans to embrace its environment even further, delivering a seamless movement between open air and enclosed spaces.
Naylor Love construction has been appointed as the main contractor for the project.
Botany Town Centre
Botany Town Centre is owned by PSPIB/CPPIB Waiheke Inc.
In 2017, CPPIB (Canada Pension Plan Investment Board) acquired a 50% interest PSPIB/CPPIB Waiheke Inc and its NZ$1.2 billion New Zealand property portfolio. CPPIB joined existing Canadian pension investment manager Public Sector Pension Investment Board (PSPIB) in the diversified 13-asset portfolio spanning the office and retail sectors in New Zealand. The transaction was given regulatory approval by the Overseas Investment Office on 7 December 2017.
PSPIB/CPPIB Waiheke Inc is managed by AMP Capital Investors (New Zealand) Limited.
- The development is programmed to begin mid- February 2018 and targeted for completion in May 2019
- The expansion will bring Botany Town Centre’s gross lettable area to more than 62,700 square metres, with over 200 retailers
- Introduction of new international and national retailers to the centre
- Additional mix of specialty retailers
- A refreshed fresh food precinct
- Semi enclosed Garden Lane precinct
- Additional dining opportunities and improved ambience to enhance the customer experience
- Improved entertainment precinct, including HOYTS refurbishment
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided.