Westfield Trust and Farmers announce new department store deals
05 September 2000
Countries: New Zealand
Westfield Trust and Farmers Department Stores today announcedthat deals have been concluded for lease arrangements in relationto a number of new stores at Westfield Shoppingtowns in NewZealand.
New 10,000 m2 Farmers Department Stores are planned to open atWestfield Shoppingtowns Newmarket and Albany – two new shoppingcentres that Westfield proposes to build in Auckland.
In addition, a new 7,400 m2 Farmers Department Store is plannedfor the expansion and redevelopment of Westfield ShoppingtownPakuranga and a new 8,000 m2 Farmers Department Store is plannedfor the expansion and redevelopment of Westfield ShoppingtownQueensgate.
Plans for the new, flagship Westfield Shoppingtown Newmarket -which is expected to occupy 65,000 m2 and offer the retailingcentre of Auckland a wide range of specialty shops,state-of-the-art cinemas, an entertainment and lifestyle precinct,food courts, restaurants and more than 3,000 car spaces – werelodged last month with Auckland City Council. Construction on theNZ$300 million project is planned to start in 2002.
Announcing the deal with Westfield Trust today, Mr Wayne Walden,Managing Director of the Farmers Deka Group, said: “This is themost significant event in Farmers Department Stores for many yearsand will lay the foundation for significant growth in the range andstyle of the Farmers Department Stores. Working with Westfield’sinternational experience, we look forward to being at the forefrontof an exciting new era in New Zealand retailing.”
Mr Grant Hirst, Director of Westfield New Zealand, the managerof Westfield Trust’s assets in New Zealand, said: “We are veryproud to announce these new deals which sets the platform for thedelivery of the previously announced NZ$1 billion expansion andredevelopment program for the Westfield Shoppingtown portfolio inNew Zealand.
“This program is already well under way, with the NZ$100 millionredevelopment of Westfield Shoppingtown Glenfield and the firstphase of the NZ$80 million redevelopment of Westfield ShoppingtownWestCity, which both incorporate new Farmers Department Stores,expected to open before the end of the year.”