Westfield acquires Auckland centre

Wednesday 4 August 2004

The Westfield Group has announced it has acquired the remaining 50 per cent interest in the Two Double Seven shopping centre and adjacent land at Newmarket, in Auckland, New Zealand.

By The Landlord

The acquisition is part of Westfield's continuing plan to redevelop the shopping and land.

Westfield first committed to the project in August 2002 when it formed a joint venture with Auckland One Ltd, the owner of the Two Double Seven shopping centre in Newmarket Auckland, to redevelop its existing retail complex.

The new design, covering up to seven hectares of land, was to include a new business park and possibly residential apartments, but would be predominantly retail focused.


Westfield purchased 50 per cent of the Two Double Seven shopping centre from Auckland One, and now two years later, has announced the purchase of the remaining 50 per cent for $NZ71.9 million.

Read More - Opens in a new window
Commenting is closed

Property News

Key reform will only protect bad tenants

Getting rid of “no cause” termination notices only serves to protect bad tenants and will have a negative impact on the broader community, not just landlords, according to landlord advocates.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Mortgages

Mortgage rates may be at cycle low: ASB

Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.

Site by PHP Developer