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

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