AMP Capital plans to redevelop and expand the Botany Town Centre, one of Auckland’s largest regional shopping centres
The specialist retail division of AMP Capital Shopping Centres will undertake the $78 million redevelopment of the centre, which opened in 2001 in east-Auckland.
The development will include the introduction of international and national retailers, an additional mix of specialty retailers, the refurbishment of the fresh food precinct and an expansion of the centre’s dining offerings.
“We are thrilled to announce a significant retail, leisure and entertainment expansion in one of Auckland’s fastest-growing and most populous areas,” AMP Capital Portfolio Manager Nick Cobham says.
Once complete, Botany Town Centre will become one of the Auckland Council Unitary Plan’s “metropolitan zoned hubs”, in anticipation of future residential growth and the town centre’s ability to cater to the needs of the growing population.
The expansion will bring Botany Town Centre’s gross lettable area to more than 62,700 square metres, with over 200 retailers.
Naylor Love construction was appointed as the main contractor for the project and expects to begin work this month, with completion expected in May 2019.
AMP sold half shares in three malls, including the Botany Town Centre, to Stockland for $169.2 million in 2003.
Four years later, AMP’s New Zealand Property Retail Fund bought back the half share from Stockland for $322 million.
One of New Zealand’s biggest real estate fund managers, AMP Capital Shopping Centres has over A$10 billion in assets under management in a portfolio of 30 shopping centres in Australia and New Zealand, including Botany Town Centre and Manukau Supa Centa in Auckland, Bayfair Shopping Centre in Tauranga, and The Palms in Christchurch.
