Farmers commits to Sylvia Park extension
Farmers has agreed to lease 8,000sqm of space to create a new two level flagship department store as part of Sylvia Park’s proposed galleria retail expansion.
“It is now 10 years since we first opened our doors to customers at Sylvia Park, and the consistent message we have received from our shoppers is that they would love to see Farmers at Sylvia Park,” said Chris Gudgeon, chief executive of Kiwi Property, which owns the centre.
“Farmers is an iconic and much loved New Zealand brand and a perfect fit for our expansion plans for the centre, which could comprise up to 20,000sqm of additional retail space.”
Gudgeon noted that Kiwi Property was planning to give the green light to its Galleria expansion project by mid-2018, following board approval.
The planned Galleria expansion, which Farmers would anchor, will feature new international brands and concept stores including selected retailers from Sylvia Park’s current waiting list of specialty tenants; a new cafe court; and new multi-deck carparks.
It is anticipated that the Galleria expansion could be completed in 2020.
Kiwi Property Group recently lifted first-half profit 5 per cent as the country’s biggest listed property investor’s rental portfolio benefited from new tenants coming on stream.
Net profit rose to $47.9 million in the six months ended September 30, from $46 million a year earlier.
“From the moment we announced our planned expansion of Sylvia Park, we have enjoyed strong tenant enquiry from quality local retail brands, as well as in-demand international retailers, some of whom, if secured, would be new to the New Zealand market,” said Aubrey Cheng, manager – retail leasing.
Sylvia Park houses over 200 retailers – including New Zealand’s first H&M and ZARA – and attracts over 14 million visitors every year.
“Our vision for Sylvia Park is to create a truly world-class retail offer, with the objective of positioning the centre firmly as Auckland’s most attractive shopping destination,” said Gudgeon.
Kiwi Property is currently delivering an $80 million, 10-level office building on the site, as well as a new $9 million outdoor dining lane, The Grove, and additional carparking at a cost of $36 million.
Last week, Kiwi Property named the final restaurateurs who will join the new dining precinct, The Grove, at Sylvia Park, which is due to open during December. Cleaver & Co, The Little District and Birdie’s Bar and Deli will join taste sensations Mexico, Better Burger, Hawker & Roll, Casablanca, Wagamama, Garrison Public House and The Coffee Club at Auckland’s latest dining district.