The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailMon 12 Feb 18

Scentre Group Invests in NZ’s Largest Mall

8f9166bf-b4cc-4004-80d0-62a2d72f5e99

Scentre Group, the ASX-listed owner of Westfield Shopping Centres in Australia, is pouring hundreds of millions of dollars into the redevelopment of Westfield Newmarket, in Auckland’s CBD.

Scentre commenced its $733 million (NZ$790 million) redevelopment on Friday, with the aim to build a dominant centre in the “heart of Auckland”.

Scentre will inject $NZ400 million into the redevelopment. Westfield Newmarket is half-owned by Singaporean giant GIC Real Estate, which will also be funding its share of the project.

Incorporating multiple sites over four and half hectares, the Broadway site will be home to Auckland’s first David Jones department store, a new format Farmers department store, Countdown supermarket and more than 230 new specialty stores.

Related reading: Scentre Group Lifts Half-Year Net Profit to $1.4 billion

Ahead of its recent closing for redevelopment, earthworks and demolition works have been underway since November.

The David Jones store will be the second in New Zealand since opening their first store in Wellington in 2016.

Related reading: Grocon, Aqualand and Scentre Announced as Developers of ‘Final Piece’ of Barangaroo

The new Westfield Newmarket will have a gross lettable area of 88,150 square metres and is due for completion in the fourth quarter of 2019.

“We’re incredibly excited to be embarking on the transformation of Westfield Newmarket in collaboration with our joint venture partner, GIC,” Scentre Group chief operating officer Greg Miles said.

Related reading: Food Retail Offsets Department Store Slump for Scentre

“Westfield Newmarket will become the flagship “living centre” for the Group’s New Zealand portfolio and set a new benchmark in extraordinary retail and lifestyle destinations.”

Scentre Group has been divesting itself of other New Zealand investments in the last couple of years in order to concentrate on its most profitable locations.

RetailInternationalSector
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Income growth and price dips have done little to improve the situation, according to fresh data from the Urban Land Inst…
LATEST
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/scentre-group-invests-in-nzs-largest-mall-