Works begin at Sylvia Park, funding sought
Sunday 10 October 2004
One of the largest new retail developments in the country will soon be under way after Kiwi Income Property Trust received resource consent from Auckland City Council for its $580 million Sylvia Park town centre development.
By The Landlord
Chief executive Angus McNaughton said that the 80,000sq m of old army sheds used by car dealers and other tenants for storage had been vacated over the past three months. Kiwi Income and its agents are now seeking expressions of interest from potential retail tenants.The 24ha development will be completed in stages, the first being $30 million allocated for infrastructure and earthworks. At the same time, Kiwi Income is talking to potential funding partners because of the large amount of capital required, which would significantly affect the company's conservative gearing. A joint venture partner is being sought to share the risk of the project and avoid requir ement for a capital raising from existing shareholders. A likely partner will be one of the Australian fund managers and property trusts recently active in New Zealand such as Multiplex.
The Australian company has a construction subsidiary which is finalising costs of Sylvia Park for Kiwi Income.
Read More - Opens in a new window
Commenting is closed
Property News
Return to market form
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
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
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
