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 LandlordThe 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
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.
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.
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.
Minister of Finance Grant Robertson says the Reserve Bank could extend mortgage holidays for struggling borrowers.