Kiwi buys another $25m property at Sylvia Park

Thursday 20th December 2018

Kiwi Property Group says it has paid $25 million for an industrial property opposite the Sylvia Park train station.

The currently vacant property at 43 Carbine Road in Mt Wellington is on a 22,086 square-metre site with existing warehousing and yard facilities.

Kiwi chief executive Clive Mackenzie says the site has potential linkages to the Sylvia Park shopping centre and is zoned mixed-use under the Auckland Unitary Plan.

“While we have no immediate plans for the site beyond leasing the existing premises to make use of the warehousing and yard facilities on site, this acquisition will provide future mixed-use opportunities at Sylvia Park,” Mackenzie says.

Sylvia Park is New Zealand's largest shopping centre and Kiwi's flagship property. It accounted for almost a third of the firm's $3.04 billion portfolio at March 31.

Kiwi is continuing to develop the centre and surrounding area as a mixed-use development encompassing retail, office and industrial properties – it recently completed an $80 million office tower in the precinct.

The shares last traded at $1.385, and have decreased 1.4 percent so far this year.

(BusinessDesk)

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