RetailThu 15 Feb 18

AMP Invests $78m in Auckland Shopping Centre

AMP Capital has announced plans for the redevelopment and expansion of the Botany Town Centre, one of Auckland’s largest regional shopping centres.

The specialist retail division of AMP Capital Shopping Centres will undertake the $78 million redevelopment of the centre, which opened in 2001 in east-Auckland.

In 2003, AMP sold half shares in three malls including the Botany Town Centre to Stockland for $169.2 million. In 2007, AMP’s New Zealand Property Retail Fund bought back the half share from Stockland for $322 million.

The development will include the introduction of international and national retailers, an additional mix of specialty retailers, the refurbishment of the fresh food precinct and an expansion of the centre’s dining offerings.

“We are thrilled to announce a significant retail, leisure and entertainment expansion in one of Auckland’s fastest-growing and most populous areas,” AMP Capital portfolio manager Nick Cobham said.

Once complete, Botany Town Centre will have earned the designation of “metropolitan zoned hub” as decided by Auckland Council Unitary Plan, which was in response to the future residential growth areas and special housing areas cropping up in the community and the town centre’s ability to cater to the needs of the growing population.

The expansion will bring Botany Town Centre’s gross lettable area to more than 62,700 square metres, with over 200 retailers.

Naylor Love construction was appointed as the main contractor for the project and will look to begin work this month, with an expected completion target for May 2019.

As one of New Zealand’s biggest real estate fund manager, AMP Capital Shopping Centres has over A$10 billion in assets under management in 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.

Retail International Sector