Scen­tre’s pitch for heart of Auck­land

The Weekend Australian - - BUSINESS - BEN WILMOT PROP­ERTY

Shop­ping cen­tre gi­ant Scen­tre Group is forg­ing ahead with ma­jor de­vel­op­ments, yes­ter­day kick­ing off its $NZ790 mil­lion ($733m) re­de­vel­op­ment of the West­field New­mar­ket com­plex, where it is aim­ing to build a dom­i­nant cen­tre in the heart of Auck­land.

The deal will see Scen­tre, led by Peter Allen, pour $NZ400m into the re­de­vel­op­ment that will span mul­ti­ple sites over 4.5 hectares and add to a pipe­line that in­cludes an over­haul of Syd­ney’s his­toric David Jones Mar­ket Street store and a new cen­tre at har­bour­side Baranga­roo.

The Broad­way site will also house Auck­land’s first David Jones de­part­ment store, a Farm­ers de­part­ment store, Count­down su­per­mar­ket and more than 230 new spe­cialty stores.

West­field New­mar­ket is hal­fowned by Sin­ga­porean gi­ant GIC Real Es­tate, which will fund its share of the project.

“On com­ple­tion, West­field New­mar­ket will rep­re­sent a premium fash­ion, food, tech­nol­ogy, life­style and en­ter­tain­ment ex­pe­ri­ence un­ri­valled in New Zealand,” Scen­tre Group chief op­er­at­ing of­fi­cer Greg Miles said.

The first and only David Jones store in New Zealand was opened in Welling­ton in 2016.

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