New Plans Announced For Auckland Shopping Centre

Individuals who like to purchase mementos of trips to their favourite holiday destinations

may want to stop off at a downtown shopping centre in Auckland after new plans were announced for the facility.

Those looking forward to boarding their Auckland flights could soon have another reason to visit the popular destination following news AMP NZ Office has purchased the establishment for NZ$90 million (46 million).

AMP NZ Office, which is an NZX-listed firm, owns more than $1 billion worth of grade A office space in Auckland and Wellington - and is now set to add the Westfield Down facility to its portfolio.

Located on the city's waterfront, the four-level, 14,000 sq m shopping centre has an existing resource consent for a 71,000 sq m mixed-use office and retail development - which means some big-named stores could be heading for the establishment.

The company's chief executive Scott Pritchard said: "We don't think there will be [much demand] for some time because a lot of the major occupiers in the market have got reasonably long-term lease, so this is very much a long-term opportunity for us and ensure that when demand is there we have what we think is probably the best site in town to try to meet that demand."

However, in the short term the firm has the chance to improve links with other buildings it owns through projects to adjoin Westfield, PwC Tower, AMP Centre and Zurich House.

Mr Pritchard went on to say the company is set to change its name to Precinct Properties New Zealand from next week as part of a move to reflect its development over the past 15 years in a bid to become the country's "only specialist listed owner of premium central city office space".

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by: steefen

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