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AMP Capital confirms the NZ$78 million expansion of Botany Town Centre in Auckland is progressing well and has entered the third stage of its extensive refurbishment with the closure of Garden Lane. This marks a significant milestone of the large-scale development which is on track to complete in mid-2019.
The development to date has seen the extension of the main entrance (Conservatory) well under way with the roof due to be added in the next six weeks. The refurbishment of Market Square (near New World) is also well advanced.
AMP Capital Shopping Centres Development Manager Paul Hudson says retailers have been supportive of the closure of Garden Lane, and sales have been positive throughout the development.
“When the newly developed precincts re-open next year, we anticipate five new tenants will come into Garden Lane along with existing retailers, most of whom have been temporarily relocated during the redevelopment.”
The community garden currently located in Garden Lane will be recycled and the plants will be re-located throughout the centre, while the play area will reopen in the form of three smaller play areas around the centre once the development is complete. The reinvigoration of Garden Lane’s ambience and open space are being designed with the comfort and enjoyment of shoppers in mind.
Mr Hudson says, “We are pleased with how the development is progressing and with the level of interest in the project from the community and many highly sought after domestic and international retailers. Forty percent of the new Garden Lane is already leased, which is a sign that the centre is viewed as a premium site for retail.”
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 the centre to cater to the needs of the growing population within the community, by bringing Botany Town Centre’s gross lettable area to more than 62,700 square metres occupied by over 200 tenants, while preserving its qualities as an open-air shopping centre that customers enjoy. Botany plans to embrace its environment even further, delivering a seamless movement between open air and enclosed spaces.
Botany Town Centre opened in 2001 and is currently Auckland’s second-largest shopping centre by lettable area. AMP Capital Shopping Centres manages a portfolio of more than 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, Northwood and Merivale in Christchurch.
Naylor Love construction is the main contractor for the project.
About AMP Capital Real Estate
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia- Pacific with more than $26 billion* in assets under management on behalf of institutional and retail investors. AMP Capital’s extensive global network and integrated management model allows its 500- strong team of real estate professionals to realise true value for clients through the investment management, property management and development of a portfolio of some of the most iconic shopping centres, office buildings and industrial estates across Australia and New Zealand.
* As at 31 December 2017. Excludes AMP Capital’s share of PCCP
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