Initial payment for Westgate

WestgateKiwi Property has made the initial $30 million payment for the land under the terms of the sale and purchase agreement for the Westgate large format retail centre.

The total acquisition cost is $82.5 million. The balance of the cost will be paid over the remaining development period.

As announced on September 2, the development, known as Westgate Zone 7, was purchased from New Zealand Retail Property Group.

The centre is 87 per cent pre-committed, with lease agreements in place for 22,000sqm of retail space and a weighted average lease term of 8.1 years.

Expected to commence trading in March 2016, Westgate Zone 7 will be anchored by Harvey Norman, Briscoes, Rebel Sport, Freedom Furniture and Hunter Furniture.

The centre will comprise 28 retail units totalling approximately 25,500sqm, with a central car parking area for 622 vehicles.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.