Great news for Hamilton - Make sure you head down to see this new and improved shopping destination!
For original story see: http://www.insideretail.com.au/IR/IRNews/Mall-makeover-for-Hamilton-CBD-3220.aspx
Kiwi Income Property Trust says it will spend NZ$40 million redeveloping its Centre Place Shopping Centre in Hamilton.
The makeover will position the CBD specialty retail centre as a more competitive shopping destination with rival downtown retail facilties and suburban centres, the trust said.
Post-works, the centre will be anchored by a new 7000sqm Farmers department store.
The trust recently completed a new foodcourt and dining lane development at Centre Place.
The redevelopment was revealed in the KIPT’s first half profit announcement.
Net profit fell to just $1.5 million from $13.7 million in the previous first half after write-downs in the value of its properties.
But operating profit before tax was up 14.1 per cent to $41.2 million, driven by the recent acquisition of LynnMall Shopping Centre in Auckland.
Net rental income was $72.0 million for the six months ended 30 September 2011, up $4.6 million or 6.8% on the previous comparable period. This increase was largely driven by a $7.7 million contribution from LynnMall Shopping Centre, acquired on 31 December 2010, offset by $2.1 million of income in respect of the condemned PricewaterhouseCoopers Centre damaged by the Christchurch earthquake and which is now recognised within non-operating income as insurance proceeds.
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