Kiwi Income Property Trust opens Centre Place redevelopment

17 October 2013

Kiwi Income Property Trust opens Centre Place redevelopment

Kiwi Income Property Trust today reaffirmed Hamilton’s CBD as the Waikato’s centre for fashion, entertainment and dining with the opening of its $40 million redevelopment of Centre Place Shopping Centre. (Excludes $7 million of non-capitalised costs including fees and incentives.)

Chris Gudgeon, Chief Executive of the Manager of Kiwi Income Property Trust, said: “We are encouraged by the support we have received from national and international retailers as we reposition Centre Place as Hamilton’s premier CBD retail destination.”

Centre Place now features a re-invigorated retail mix, with 42 new retailers introduced to the Centre since the redevelopment began. The final stage opening features anchor tenants Farmers and METRO by Hoyts together with an exciting specialty mix which includes Acquisitions, Backdoor Surf, Barkers, Bing Harris & Co, Colette by Colette Hayman, Edge, Jean Jones, Lotsa Goodies, Maher Shoes, Max, Merric, Michael Hill Jeweller, Moochi, Once More Massage, Overland presents Merchant 1948, Pagani, Paper Plus, ProfessioNAIL, Pumpkin Patch, Sierra Café, Stevens, Stewart Dawsons, Sushi Day, Temt and Valleygirl and Yoghurt Story.

They join other market leading retailers such as Lido Cinemas, Rebel Sport, Dick Smith Electronics, Cue, Glassons, Hallensteins, Hannahs, Life Pharmacy, Macpac, Mi Piaci, Pascoes, Portmans, Rodd and Gunn, Stirling Sports, Vodafone and Wild Pair/Lippy currently in the Centre.

Mr Gudgeon said the centre was now 95% leased by area, with negotiations underway on the remaining space.

In its pivotal role as the Centre’s department store anchor, Farmers will begin trading today from its latest generation 7,100 sqm, two-level flagship store, featuring the only M.A.C cosmetic counter in the Waikato.

In addition to the revamped foodcourt and new dining lane, which both opened in 2011, Centre Place now also features a new state-of-the-art cinema offer with the addition of METRO by Hoyts, a new brand for Hoyts cinemas and the first of its kind in New Zealand. With a unique urban design, METRO by Hoyts features five digital cinemas and a bar facility with chill-out space. The centre already features a Lido Cinema offering an art-house experience with a further three screens.

The development also features an outdoor contoured play space for children, green walls and street-scaping in a section of Ward Street that has been closed to traffic, with a covered connection bringing the former Downtown Plaza and Centre Place Shopping Centre together under one roof.

About Kiwi Income Property Trust
Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 15 Index.

The total value of the Trust’s property portfolio is $2.1 billion. Assets include:

Key Retail Assets
Sylvia Park Shopping Centre, Auckland
LynnMall Shopping Centre, Auckland
Centre Place Shopping Centre, Hamilton
The Plaza Shopping Centre, Palmerston North
North City Shopping Centre, Porirua
Northlands Shopping Centre, Christchurch

Key Office Assets
Vero Centre, Auckland
ASB North Wharf, Auckland
205 Queen, Auckland
The Majestic Centre, Wellington
Unisys House, Wellington
44 The Terrace, Wellington

Kiwi Income Property Trust’s website address is www.kipt.co.nz

ENDS

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