Westfield Trust and Auckland shopping centre Two Double Seven's owner, Auckland One, have entered a joint venture to own and redevelop 7ha of land.
The development in Newmarket is expected to comprise department stores, discount department stores, fashion precincts, restaurants and cafes, and will start "as soon as possible".
Auckland City Councilhas actively promoted the joint venture, Westfield managing director Steven Lowy said in a statement.
Under the joint venture, Westfield Trust has sold a 50 per cent interest in its property holdings in Newmarket for $26.5 million; acquired a 50 per cent interest in Two Double Seven for $73.7 million; and acquired a 50 per cent interest in Auckland One's additional land holdings for $22.8 million.
Westfield Holdings has been appointed by the joint venture partners to manage and develop all the properties.
Two Double Seven currently comprises a supermarket, 61 shops, office space and carparks. The centre is fully leased and is expected to achieve sales in excess of $130 million in the forthcoming year.
