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.

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