Development News

FIRST STAGE OPENING IN MAY

The first stage of the $78 million redevelopment of  Auckland's second largest shopping centre - the Botany Town Centre - is to open in early May.
Centre development manager Paul Hudson said 19 retailers would open in the extended Fashion Pavilions part of the centre.

Among those are two international fashion stores, giant Swedish fashion retailer H&M and Australian beauty retailer Mecca Maxima.
Other well-known fashion retailers include Stewart Dawsons, Decjuba, Postie, Platypus Shoes and The Cosmetic Clinic.
Beauty retailer Mecca Maxima  is one of two key international retailers setting up stores at the Botany Town Centre
H&M has four stores currently in New Zealand - in Auckland, Wellington and Christchurch - and has announced another to open in April in Tauranga and a new store at Fashion Pavilions.

The town centre in east Auckland is owned by two large Canadian investors - Public Sector Pension Investment Board and Canada Pension Plan Investment Board - and managed by AMP Capital.
It opened in 2001 and was Auckland's second largest shopping centre by lettable area, AMP Capital said.
The redevelopment would increase its floor area from 58,000 square metres to 62,700sqm.
Hudson said Market Square and Garden Lane were being refurbished and set to open in winter.
Botany Town Centre's Market Square revamp is expected to be completed by winter 2019.
An extension of the dining and entertainment area next to the cinema complex would be completed by the end of the year.
The centre's redevelopment had started in February 2018 and was expected to be completed by the end of the year.
On completion the centre would have more than 200 retailers. 
Naylor Love is the main contractor.

The refurbishment followed the Auckland City Council's Unitary Plan designation of Botany Town Centre as a metropolitan-zoned hub.
The area's population was growing strongly and had several Special Housing Areas to cater for that.

Source: https://www.stuff.co.nz/business/110734640/the-first-stage-of-botany-town-centres-78-million-makeover-is-to-open-in-may
 



H&M COMING TO BOTANY TOWN CENTRE

H&M has announced it will open a third store in Auckland.

The third Auckland store will open in Botany Town Centre in the autumn. A spokesperson for the retail company said more details would be released nearer the time.

H&M New Zealand sales manager Daniel Lattemann said the Swedish retailer was excited to bring a store to east Auckland.

"Botany Town Centre is a great location for H&M and we look forward to presenting a truly unique shopping experience to customers in the area," Lattemann said.

H&M opened its first store at Sylvia Park shopping centre in Auckland in 2016. Today there are four stores nationwide, including one in Christchurch and another in Lower Hutt.

The retailer opened its flagship 3500sq m store set across four levels - its biggest to date - in August last year in Commercial Bay, downtown Auckland. It was the first store to open in the shopping precinct.

H&M Commercial Bay is the retailer's largest New Zealand store, and the first Auckland store to showcase its homeware range.

Hans Andersson, H&M's New Zealand and Australia country manager, told the Herald last year that the retailer would open more stores before launching an online shop.

H&M is set to open a store in Tauranga in April.

Source: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12191049
 



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.

Development Details:
• 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.
 



$78m Botany Town Centre expansion unveiled

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.

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."

Kiwi Property is building big at its Sylvia Park, planning to bring a department store to level one and almost finished a new office block there.

Scentre Group this month released $790m plans for its Westfield Newmarket, bringing David Jones to that site.

Source: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11994892

 

More News

Times: http://www.times.co.nz/news/third-stage-of-78-million-botany-town-centre/

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/

Stuff: https://www.stuff.co.nz/business/101505840/botany-town-centre-starting-its-78m-expansion?

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/

Shopping Centre News: https://www.shoppingcentrenews.com.au/shopping-centre-news/industry-news/hm-announces-opening-at-botany-town-centre/

Inside Retail: https://insideretail.co.nz/2019/01/16/hm-announces-third-auckland-store/

NZ Herald: https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12205465