RetailHarrison CaithnessThu 10 Sep 26
New Zealand’s ‘Biggest Retail Asset’ Hits Market
New Zealand’s fourth-largest shopping centre, turning over about $289 million ($NZ354 million) a year, is on the block.
Botany Town Centre is positioned on the corner of Ti Rakau Drive and Chapel Road at East Tāmaki, 16km from the Auckland CBD on the country’s North Island.
The entire site is on the block and the listing agents have described it as the largest retail asset ever put on the New Zealand market.
There are 200 tenants occupying the 60,825sq m centre, including long-term tenants New Zealand department store Farmers, supermarket New World and cinema operator Hoyts.
The trade area it serves is growing faster than the national average—1.3 per cent compared to 0.9 per cent—and is forecasted to add about 140,000 people to its current 500,760 population by 2046.
The 2001-built centre was redeveloped in 2019 for more than $63,500,000 ($NZ78 million).
“The scale of Botany Town Centre, combined with its established trading performance and the investment undertaken through its 2019 redevelopment, positions it as a highly established retail destination,” JLL’s head of retail Sam Hatcher said.
“The centre also forms part of a broader retail and lifestyle precinct generating an estimated NZ$600 million-plus in annual turnover,” he said.
JLL’s Hatcher, Nick Willis and Harry Fergusson will handle the sale with Colliers’ Lachlan MacGillivray, Richard Kirke and Blair Peterken.
Colliers director Richard Kirke said the centre would give investors buy-in to an evolving growth corridor.
The $101 million Eastern Busway from Pakūranga 5km northwest will terminate at Botany Town Centre when completed next year.
JLL executive director Nick Willis said tightening competition in Australia and an “attractive tax regime”—New Zealand does not have broad-based capital gains tax, stamp duty or land tax—was drawing investors.
The agents noted that because the centre only occupies 35 per cent of its 17.3ha freehold site and is subject to Business Metropolitan Centre zoning, there is potential for residential and mixed-use developments.
The Canada Pension Plan Investment Board bought a half share of Canadian superfund PSP Investments’ billion-dollar portfolio including Botany Town Centre for more than half-a-billion dollars in 2016.
Another Auckland shopping mall, the Manukau Supa Centa—also featured in the Canadian pension investors’ portfolio—sold for about $131 million ($NZ160 million) last year to New Zealand property investor Willis Bond.
Last week the Glenfield Mall was sold to an Australian investor syndicate for more than $118 million ($NZ146 million).
An expressions of interest campaign for the site closes October 14.
