Urbus Properties today announced a $14.5m redevelopment of the Waitakere Plaza into a bulk retail centre.
The catalyst for the redevelopment was a new 12-year lease signed with Kmart, Urbus said in a statement.
The redevelopment was expected to be completed over the next 12 months and will be funded from Urbus'existing balance sheet capacity.
On completion the plaza will be rebranded the Waitakere Mega Centre.
The redevelopment will provide 16,000sq m of bulk retail space, with an estimated net rental of $3.2m. Urbus said 75 per cent of the space had already been leased.
Other tenants signed up are Briscoes, Rebel Sports, Shanton, Baby City, Arbuckles and Postie Plus.
Urbus Management chief executive Hamish Plimmer said resource consent had been granted and a construction contractor appointed.
Major work will start in January, to avoid the busy Christmas trading period.
Shares in Urbus were up 1c at $1.09 at midday, having ranged between 87c and $1.08 over the past 12 months.
