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Thursday 2 May is a momentous day in east Auckland as the retail, entertainment and hospitality hub Botany Town Centre unveils the first and largest stage of a NZ$78 million development. The development is being managed by AMP Capital on behalf of the centre’s owners and is expected to be complete by the end of this year.
The extensive development will expand the centre to 62,700sqm, including an extension to the Fashion Pavilions which will see the number of tenancies grow to over 200 stores including new fashion and lifestyle brands.
This follows the completed refurbishment of Hoyts Cinemas, now with more than 1,000 luxurious powered recliner cinema seats, and there is an extended landscaped area outside the Pavilions which includes a children’s play area and seating for dining. In addition, current upgrades are underway to enclose the outdoor area of Garden Lane. This is targeted to open in spring. Through the next stages we will also welcome new food, leisure and entertainment providers.
Among the new retailers formally opening at the centre in the coming month, Botany Town Centre is welcoming Australian super-retailer Mecca Maxima and the international fashion retailer H&M, known for fashion and quality at the best price.
AMP Capital Managing Director Shopping Centres Mark Kirkland said; “Botany Town Centre which we manage on behalf of its owners, is a key retail, entertainment and community hub in the greater Auckland region, and investment was crucial to ensure the centre remains a desirable destination that meets the needs of a diverse and growing community.
AMP Capital is pleased to unveil the first stage of the development and deliver a premier shopping centre experience for our customers, retailers and investors. Thank you to the owners for their investment in this development and their support for the centre”.
This first and largest stage of the development offers an improved expanded space to bring customers together with some of the best local and international retailers New Zealand has to offer. The degree of interest from popular brands here and globally, which can have their pick of tenancies, is indicative of the wide appeal of a refurbished Botany Town Centre. The centre is developing from a strong footprint and combining what’s new with the best of the established centre.
AMP Capital expects the development to boost Auckland’s economy and retail sector. The construction phase has created upwards of 100 jobs and on completion, it is estimated the centre and its retailers will employ a total of 2,185 people, with circa 1,200 people at work on any given day. A number of new jobs have been created for younger generations, with retail jobs providing employment for university and school students, and in some cases providing a second family income.
The centre is welcoming a number of new fashion, service, lifestyle and food and beverage stores which will complement and enhance the already strong offering at Botany.
New retailers include H&M, Mecca Maxima, Decjuba, The Cosmetic Clinic, Platypus, Presshouse, Stewart Dawson, Westpac and Sushi Sushi - a successful and fast-growing Australian chain which is making its first foray into New Zealand at Botany Town Centre. Coming to the centre but opening later in the month, is Starbucks and Postie (both previous tenants returning to the new-look centre), Paparich, Gong Cha, Connor and Sunglass Hut. Existing retailers Hallensteins, Pandora and Novo will also be opening new-look stores.
The opening celebration will go for four days, from 2 to 5 May. Everyone is invited to come and enjoy the fun events on offer and check out Botany Town Centre’s terrific new stores.
Development Fact Sheet
- The NZ$78 million 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.
- Naylor Love construction is the main contractor for the project.
- The development will enable the centre to cater to the needs of the growing population, 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 Town Centre plans to embrace its environment even further, delivering a seamless movement between open air and enclosed spaces.
About Botany Town Centre
Botany Town Centre is managed by AMP Capital on behalf of owners. Botany Town Centre opened in 2001 and is currently Auckland’s second-largest shopping centre by lettable area. AMP Capital 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.
About AMP Capital Real Estate
AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacific1 with more than $28 billion2 in assets under management on behalf of global investors. We are also one of the most experienced, with our heritage in real estate investment, development and management spanning over 50 years and many investment cycles.
AMP Capital’s extensive global network and integrated management model allows its 600-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.
1. Source: ANREV/INREV/NCREIF Fund Manager Survey 2018
2. As at 31 December 2018. This includes AMP Capital’s 24.9 percent share of PCCP’s NAV, equivalent to A$1.5b as at 30 Sep 2018
This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.