AMP Capital has entered the third stage of its NZ$78 million expansion of the Botany Town Centre in Auckland.
The entire project will take the centre’s gross lettable area to more than 62,700 sqm occupied by over 200 tenants, while AMP Capital is looking to preserve its qualities as an open-air shopping centre. Botany Town Centre opened in 2001 and is currently Auckland’s second-largest shopping centre by lettable area.
So far, the works have seen the extension of the main entrance and the refurbishment of Market Square, and now the closure of Garden Lane.
AMP Capital shopping centres development manager, Paul Hudson said 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,” he said.
Around 40% of Garden Lane is leased.
Naylor Love is the main contractor for the project.
The expansion follows the Auckland Council Unitary Plan’s designation of Botany Town Centre as a metropolitan-zoned hub, and several Special Housing Areas and future residential growth areas have been identified near the centre and have been fast-tracked for development.
AMP Capital Shopping Centres manages a portfolio of more than 30 shopping centres in Australia and New Zealand, with its New Zealand assets including Botany Town Centre and Manukau SupaCenta in Auckland, Bayfair Shopping Centre in Tauranga, and The Palms, Northwood and Merivale in Christchurch.
Australian Property Journal
