Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Dominion Funds Backs Josephine Grierson

June 16, 2004

Dominion Funds Backs Josephine Grierson In North Shore Retail Development

One of New Zealand's largest property groups has swung in behind North Shore entrepreneur Josephine Grierson to develop and own a new retail complex in Akoranga Drive on the North Shore.

Dominion Funds, which has $500 million of commercial, industrial and retail property under management though New Zealand, has entered into a joint venture with Grierson, who developed the concept for the centre over several years.

Construction has already commenced and more than 70% of the shops and kiosks in the $ 15 million development have already been let.

"I am delighted to have Dominion Funds as a partner" says Grierson "Dominion Funds is one of New Zealand's largest property investors with a growing presence in retail. It brings substantial additional resources to the project."

Dominion Funds is increasingly active in retail, and recently added the $30 million Johnsonville Shopping Centre in Wellington to its growing retail portfolio. Its development team has significant retail development experience, and is currently working on the redevelopment of the five hectare "Bay Central" bulk retail centre in Tauranga.

The Discount Brands centre on the North Shore is expected to open its doors to the public in September this year, and is intended to be a modern, lively outlet for items ranging from household goods and footwear to fashion clothing and jewellery.

The 1.5 hectare acre site has parking for nearly 300 cars and is readily accessed from the northern motorway and from Northcote Road.

Dominion Funds' Chief Executive Paul Duffy says "We are excited by the potential of the Discount Brands project at Akoranga Drive. The North Shore lacks a specifically designed complex for retailing of this nature and the high level of pre leasing is a strong indication of the demand for a well located and designed destination development of this type."

The Centre will offer 56 shops and kiosks matching Grierson's vision of "functional but chic". On completion the Centre will be managed by Dominion Funds for the Joint Venture partnership.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>