BOTANY TOWN CENTRE’S $78 MILLION DEVELOPMENT
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.
A $78 million expansion and upgrade is planned for Auckland's Botany Town Centre, increasing its floor area from just over 58,000sq m to 62,700sq m.
$78m Botany Town Centre expansion unveiled
Nick Cobham, AMP Capital portfolio manager, said new retailers from here and overseas would open there, the alfresco dining area would be expanded, the food precinct beside New World would be upgraded and Garden Lane would be refurbished.
The mall is at 588 Chapel Rd, East Tamaki. Works are due to start this month and be finished by May next year, AMP said.
Cobham said more speciality retailers would be added and the entertainment precinct would be improved but no further retailer details, names of countries of origin were released.
The Hoyts cinema multiplex will be refurbished and more than 1000 powered recliner seats would be installed, he said.
Botany will have more than 200 retailers once the project is finished.
The centre opened in 2001 and the works will be carried out by AMP Capital Shopping Centre, the specialist retail division with more than A$10 billion in assets under management.
A statement from AMP said the centre would be enlarged to meet growth in the area: "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."
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Third stage of $78 million Botany Town Centre
AMP Capital has confirmed the $78 million expansion of Botany Town Centre 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 per cent of the new Garden Lane is already leased, which is a sign that the centre is viewed as a premium site for retail,” he says.
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 more than 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.
National Business Review: https://www.nbr.co.nz/article/78m-expansion-botany-town-centre-adds-more-retail-one-citys-most-populous-areas-sl-212676
Inside Retail: https://insideretail.co.nz/2018/02/15/amp-capital-in-78m-redevelopment-of-botany-town-centre/
The Times: http://www.times.co.nz/news/78m-development-botany-town-centre/
The Urban Developer: https://theurbandeveloper.com/articles/amp-invests-78m-in-auckland-shopping-centre
Chinese Herald: http://www.chinesenzherald.co.nz/news/property/78m-botany-town-centre-expansion-unveiled/
Indian Newslink: http://www.indiannewslink.co.nz/amp-to-invest-78-million-on-botany-town-centre-expansion/
Inside Retail: https://insideretail.co.nz/2018/07/11/botany-town-centre-enters-third-stage-of-its-78m-expansion/