Urbus announces $14.5m property redevelopment
Thursday 18 November 2004
Urbus Properties today announced a $14.5m redevelopment of the Waitakere Plaza into a bulk retail centre.
By The Landlord
The catalyst for the redevelopment was a new 12-year lease signed with Kmart, Urbus said in a statement.The redevelopment was expected to be completed over the next 12 months and will be funded from Urbus' existing balance sheet capacity.
On completion the plaza will be rebranded the Waitakere Mega Centre.
The redevelopment will provide 16,000sq m of bulk retail space, with an estimated net rental of $3.2m. Urbus said 75 per cent of the space had already been leased.
Read More - Opens in a new window
Commenting is closed
Property News
Prices not impacted by new listings surge
There was an influx of new listings on to the housing market in July but it is making little impact on the shortage of housing stock around New Zealand.
House Prices
Demand is keeping prices resilient
Stronger than anticipated demand from property buyers is helping to keep prices nationwide buoyant – and solidly up on last year - in the post-Covid housing market.
Commercial
Augusta Capital takeover bid now unconditional
ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.
Mortgages
Mortgage holidays set for extension
Minister of Finance Grant Robertson says the Reserve Bank could extend mortgage holidays for struggling borrowers.
