Kiwi Property today announced that international fashion giant, Zara, will open its first New Zealand store at Sylvia Park, Auckland’s largest shopping centre, in late 2016.
CEO, Chris Gudgeon, said: “The excitement is building for our Sylvia Park shoppers. Zara is known the world over as a leading fashion giant, with more than 2,000 stores in 88 countries. To have secured its first NZ store at Sylvia Park is great news for our customers.”
“We are firm believers in investing in Auckland’s growth, and bringing Zara to Sylvia Park is part of our plan to create a truly world-class retail offer in an increasingly world-class city.”
“Almost a decade ago when Sylvia Park opened, few could imagine that Kiwi Property would turn a brownfield site next to a motorway into NZ’s best shopping centre. Sylvia Park is Auckland’s premier retail destination, with more than 12 million shoppers coming through our flagship shopping centre every year.”
Kiwi Property will invest $11.5 million to accommodate Zara in a new ground level store located in the mid-mall area of the shopping centre.
In October, Kiwi Property announced that H&M would also open its first New Zealand store at Sylvia Park in late 2016.
Earlier this year, Kiwi Property, which owns six shopping malls and two large format retail centres across NZ, announced a potential expansion of Sylvia Park in response to the waiting list of retailers seeking stores. A range of options are currently under consideration, including more specialty retail stores, department stores and additional customer parking. Specifically, the property group is evaluating a 20,000 sqm, $150 million expansion of the centre’s retail offer. The retail expansion project is currently in the pre-development phase, which includes design, consenting and pre-leasing, with construction potentially commencing in 2017 for a possible 2018 completion.
Kiwi Property is also investigating a potential office development at Sylvia Park as part of its town centre vision for the site.
Sylvia Park has been a standout performer for Kiwi Property since opening in 2007. The centre has enjoyed strong growth in both retail sales and net income, providing investors with an overall value gain of $180 million above its original development cost (to March 2015).
On Friday, Scott Pritchard, Precinct Properties CEO, said Zara and Uniqlo are on the cards for its $681 million development, including a new 39-level commercial office tower and a world-class retail centre, at its Downtown Shopping Centre site on Auckland’s waterfront. The area will be known as Commercial Bay.
The retail leasing has recently commenced and negotiations are advancing with a range of mini-major retailers for the flagship stores, including the likes of H&M and Topshop, that are showing interest in a flagship store at street level in Commercial Bay. Topshop already made its entrance on Queen St some time ago.
This story first appeared on Inside Retail’s sister site, Inside Retail New Zealand
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