2 Sep 2015

Kiwi Property buys $82.5m Westgate retail block

2:24 pm on 2 September 2015

Kiwi Property Group will buy an $82.5 million retail centre currently under development in Auckland's Westgate.

The 25,000 square-metre block, known as Zone 7, is comprised of 28 retail units and a central carpark, and Kiwi Income said it had so far signed up tenants who would take up 87 percent of the centre's space.

The company is paying $30 million upfront, with the rest paid over the development period.

It follows Kiwi Property's plan for a $200 million expansion of the Sylvia Park Shopping Centre.

Kiwi Property chief executive Chris Gudgeon said it was part of the company's aim to expand its Auckland presence.

"This location we think at Westgate is going to be a good location, particularly for large format retail," he said.