Media Release

16 December 2016

Queensgate Shopping Centre update – 16th December 2016

Demolition of the affected building at Queensgate Shopping Centre is progressing positively and the contractor, Naylor Love, has indicated that a provisional date for the completion of the demolition is the end of February 2017. This is in line with the initial projections for the work.

Immediately following the completion of the demolition, work will commence on recladding and providing the necessary fire egress to enable the full re-opening of the Centre. These elements are being designed in parallel with the ongoing demolition.

If the demolition continues as planned and if recladding and fire egress issues do not present any greater complexities than currently anticipated the estimate for the remaining retail areas of the Centre to reopen is the end of March 2017.

Chief Executive of the property management company for Queensgate Stride Investment Management Limited, Peter Alexander, said that the Centre was being very well supported by everyone involved in the process including the Hutt City Council, specialist advisors and contractors. He said that progress towards completion was subject to many variables some of which, including weather, were beyond their control but that they were pleased with the progress being made to date.

Ends

About Queensgate Shopping Centre

Queensgate Shopping Centre is owned by Diversified NZ Property Trust (Diversified Trust) and is located at the corner of Queens Drive and Bunny Street in Lower Hutt. The portfolio of Diversified Trust is managed by Stride Investment Management Limited (SIML).

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