DNZ Property Fund is to go ahead with building a $155 million shopping centre at the Westgate Town Centre in northwest Auckland.
Chief executive Peter Alexander says the new mall, which will feature about 90 specialty stores, a Farmers department store and a Countdown supermarket, is a much-needed facility for the local community.
Mr Alexander says the fast-growing area is one of the least developed in terms of retail facilities.
DNZ bought the land last May and its resource consent allows it to build a 34,000 square metre shopping centre, with a net lettable area of 27,000 square metres.
It will be financed from existing debt facilities and some assets will be divested during the period of the project.