Zara to open first New Zealand store at Sylvia Park
14 December 2015
Zara to open first New Zealand
store at Sylvia Park
Kiwi Property today announced that international fashion giant, Zara, will open its first New Zealand store at Sylvia Park, Auckland’s largest shopping centre, in late 2016.
Chief Executive, Chris Gudgeon, said: “The excitement is building for our Sylvia Park shoppers. Zara is known the world over as a leading fashion giant, with more than 2,000 stores in 88 countries. To have secured their first New Zealand store at Sylvia Park is great news for our customers.
“We are firm believers in investing in Auckland’s growth, and bringing Zara to Sylvia Park is part of our plan to create a truly world-class retail offer in an increasingly world-class city.
“Almost a decade ago when Sylvia Park opened, few could imagine that Kiwi Property would turn a brown-field site next to a motorway into New Zealand’s best shopping centre. Sylvia Park is today Auckland’s premier retail destination, with more than 12 million shoppers coming through our flagship shopping centre every year,” Mr Gudgeon said.
Kiwi Property will invest $11.5 million to accommodate Zara in a new ground level store located in the mid-mall area of the shopping centre.
Earlier this year, Kiwi Property, which owns six shopping malls and two large format retail centres across New Zealand, announced a potential expansion of Sylvia Park in response to the waiting list of retailers seeking stores. A range of options are currently under consideration, including the addition of further international retailers, more specialty retail stores, department stores and additional customer parking.
In October, Kiwi Property announced that H&M would also open its first New Zealand store at Sylvia Park in late 2016.
About Sylvia Park
Sylvia Park is New Zealand’s leading shopping centre offering shoppers more than 200 retailers in a single destination. Developed by Kiwi Property and completed in 2007, Sylvia Park comprises more than 88,000 sqm of high-quality retail space, with more than 4,300 carparks. Sylvia Park is centrally located in the Auckland region and draws customers from across the city and beyond. Amenities include rail and bus public transport links and a wide range of retail, dining, entertainment and services at both Sylvia Park and the Sylvia Park lifestyle precinct. It is independently valued at more than $665 million.
Kiwi Property is currently evaluating a
20,000 sqm, $150 million expansion of the centre’s retail
offer. The retail expansion project is currently in the
pre-development phase (which includes design, consenting and
pre-leasing), with construction potentially commencing in
2017 for a possible 2018 completion.
Kiwi Property is also investigating a potential office development at Sylvia Park, as part of its town centre vision for the site.
Sylvia Park has been a standout performer for Kiwi Property since opening in 2007. The centre has enjoyed strong growth in both retail sales and net income, providing investors with an overall value gain of $180 million above its original development cost (to March 2015).