Auckland One sells to Westfield for $121m

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.

     

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

IKE 1Q FY26 Performance Update
July 29th Morning Report
General Capital Annual Shareholders Meeting Results
MEE - Receivers and Liquidators appointed to King Honey
2 Cheap Cars Group Updates Performance Outlook for FY26
Spark announces Director changes as part of Board renewal
July 28th Morning Report
KMD Brands announces new Group Chief Financial Officer
Commerce Commission to issue SOI re Viridian application
FBU - Moody's affirms FBU Baa3/stable rating