Auckland One sells to Westfield for $121m

By Chris Hutching

Friday 3rd September 2004

Australian shopping centre operator Westfield and its Asian investment partners in joint venture company Auckland One have parted company over the multi-million dollar 10-year development redevelopment of the 277 Broadway shopping centre in Auckland.The proposed development covers 7ha bounded by Broadway, Morrow St, Gillies Ave and Mortimer Pass.

The deal came together last year after Westfield abandoned plans for another super mall in Nuffield St during talks to cooperate over the 277 centre redevelopment.

Newmarket residents were dismayed at the original scale of the proposed developments but Auckland City Council's regulatory and fixtures sub-committee gave approval "under stringent conditions that will make certain there will be no adverse effect on the surrounding area."

The rezoning has lifted the value of the properties and now Auckland One is selling its share for $121.2 million to Westfield and St Lukes Group (part of Westfield).

Auckland One is a company associated with Denis Chen Chiu Kao and May Jen Chiang Lio Sun, known as Denis and May Jen. In recent years they built up a land bank of prime inner city Auckland properties including the 277 Shopping Centre.

Westfield proposes to continue the 277 development using the original development plans proposed by St Lukes and Auckland One.

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