Kiwi Property has capped off a year of transformational change in which the business moved from a trust to a company structure and rebranded as Kiwi Property.

In its first full year of operation as an internally managed entity, the company produced an after tax profit of $115.2 million for the year ended 31 March 2015, an increase of +13.7 per cent on the prior year. It recorded a four per cent increase to $1.29 billion for retail sales at all its centres.

Its retail portfolio, with a one per cent vacancy rate and valued at $1.53 billion, comprises six shopping malls and one large retail centre, including its prized $601 million Sylvia Park, a large business park and shopping centre in the Auckland suburb of Mount Wellington.

According to Kiwi Property’s CEO, Chris Gudgeon, Kiwi Property’s investment strategy favours the Auckland region and it is particularly excited about the potential expansion of Sylvia Park as part of its town centre vision for that site.

“We are currently evaluating a 20,000sqm retail expansion at an estimated cost of $150 million and with a possible opening date in 2018. This would accommodate new international retailers and additional specialty and department stores. The redeveloped centre would offer a world-class experience and cement the centre’s position as Auckland’s most attractive retail destination. We are also investigating the development of high profile office space, tapping into our onsite rail and bus public transport links and benefiting from the amenity and services on site. The initial 7,500sqm building under consideration is estimated to cost $45 million. Any retail expansion or office development will be subject to commercial viability,” said Gudgeon.