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Sylvia Park Stage One Leasing Near Completion

NZX & MEDIA RELEASE
30 August 2005

Sylvia Park Stage One Leasing Near Completion

Kiwi Income Property Trust has advised that the majority of Stage One leasing at its Sylvia Park retail project in Auckland was now completed.

Chief Executive of the Manager of the Trust, Angus McNaughton, said that 91% of the net lettable area of Stage One was now leased, almost a year ahead of its opening in mid 2006. “This is a very positive achievement and testament to the attractiveness of Sylvia Park as a retail destination.”

The area leased is projected to contribute over 80% of the net rental income for Stage One, which includes flagship stores for The Warehouse and Foodtown, and approximately 50 specialty stores.

Mr McNaughton said the specialty leasing to date incorporated a strong mix of retail brands and offerings. The tenancy mix also includes new entrants to the shopping centre arena, including the home, kitchen and giftware specialist, The Homestore.

Chief Executive Officer of Life Pharmacy Limited, Tim Roper, commented that they are delighted at the opportunity that Sylvia Park provides to open a flagship 550m2 Beauty and Healthcare pharmacy. “The location is superb and provides easy access to customers, with half of Auckland’s population living within a 20 minute drive of Sylvia Park. This pharmacy will embrace new initiatives in terms of the health and beauty offer and will introduce the latest global retail trends adding to the well established and successful Life format. Along with other key retail brands who have been attracted to this development, Life Pharmacy believe Kiwi Income Property Trust will bring to Auckland residents an exciting, innovative and fun shopping experience”.
The leasing progress for Stage One now sees a shift in emphasis to Stage Two tenancies - a designated fashion precinct for the complex – targeted to open in late 2006.

The leasing success of Stage One and other areas of the centre takes the level of leasing at the entire retail complex to 58% of net lettable area, or 40% of net rental income. This is an exceptional result given that the later stages of the project do not open until 2007, and confirms the desirability of Sylvia Park.

Mr McNaughton said that the undoubted quality and positioning of the offering itself is driving demand. “There is now a strong local and growing international awareness that the scope, demographics, and location of Sylvia Park will make it ‘the premier’ New Zealand retail and entertainment destination”.

Construction on site is progressing well, with The Warehouse, Foodtown and main mall taking shape very quickly.

ENDS

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