Confirmed! Westfield group, valued at NZ$16,800,000,000, to invest in another giant shopping centre in New Zealand’s most fashionable precinct

According to a recent NZ Herald report, the New Zealand subsidiary of Australian Securities Exchange-listed Scentre Group, valued at NZ$16,800,000,000, plans to demolish a commercial complex of 1–3 storeys in the heart of Auckland’s Newmarket and replace it with a new 8-storey commercial complex. Auckland Council reportedly approved the project back in 2020.

Westfield Artist’s impression of the group’s proposed new 8-storey shopping centre in Newmarket

(Image credit: NZ Herald)

 

Sydney-based commercial giant Scentre Group owns 51% stakes in New Zealand’s Westfield shopping centres in Albany, Newmarket, St Lukes, Manukau and Riccaton. The remaining 49% is held by a property investment fund backed by the Singapore Government. A highly successful commercial investor in the New Zealand market, the group’s Westfield centres recorded an astonishing NZ$25,370,000,000 in total annual sales in 2021.

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Scentre Group is currently pushing ahead with a major redevelopment between Broadway and Remuera Rd and along Nuffield St. The group has invested a total of NZ$790,000,000 in the completed expansion of Westfield Newmarket, while the new commercial centre planned for Nuffield St will focus on more boutique retail and open-air shopping. Scentre Group plans to expand from Nuffield St towards Remuera Rd, more than doubling the commercial floor area.

 

Auckland Council’s resource consent and building consent documents reveal that the redevelopment will demolish the entire complex at 7–37 Nuffield St and replace it with a new 8-storey commercial building combining commercial facilities, retail, dining and offices. Scentre Group reportedly leases these commercial sites from Viaduct Harbour Holdings rather than owning them. The development will cover a 2964-square-metre site between Nuffield Lane, Nuffield St and Balm St. The commercial complex received council approval on 20 September 2020. Its upper levels are planned solely for offices, with no apartments. Scentre Group has now applied to the council to install two large cranes on the site to accelerate construction. Records show that ASB Bank currently holds the leasehold interest in the property, with a 99-year lease beginning in 2000, while Tram Lease is listed as the freehold owner.

 

So what new surprises will this project bring to Newmarket’s shopping precinct? Newmarket has long been New Zealand’s leading shopping destination, with an established reputation as the birthplace of New Zealand fashion. A shopper’s paradise, it offers clothing stores of every kind, catering to all tastes and budgets.

 

 

On Nuffield St, Teed St, Osborne Street and Osborne Lane, you will find countless fashion boutiques, second-hand designer stores, vintage clothing shops, outlet stores, sportswear shops and men’s formalwear stores. Stroll along Broadway or across the cobblestones of Osborne St, and you will find everything you need in Newmarket. Naturally, there is no shortage of fashionable womenswear, either. From bridal gowns to maternity wear, smart formalwear to streetwear, and plus-size clothing to baby and toddler clothing, Newmarket has shops to meet your needs.

 

 

Newmarket is also a great place to choose gifts. From fine jewellers to antique shops, you can find the right engagement ring, exquisite watches and accessories to give as presents. Beyond clothing and accessories, it also has New Zealand’s best cosmetics stores, with experienced sales staff offering beauty lovers the latest style advice.

 

There is therefore good reason to believe that Westfield’s new shopping centre will once again help upgrade the network of boutique businesses around Newmarket. The existing Westfield Newmarket centre will no longer be the only force drawing shoppers to the area. This is excellent news for all businesses in the precinct.

 

That raises another question: how can business owners eager to act get ahead and capture the greatest commercial benefits that the planned Westfield shopping centre will bring to this location?

 

Here is an opportunity: a 184-square-metre fashion retail space with a simple fit-out is now being actively marketed for lease in the Rialto Centre, one of Newmarket’s most prominent locations. Ideally positioned beside the Rialto Centre’s main entrance, it has street frontage on Broadway, the busiest street in Newmarket’s shopping precinct, and plentiful signage exposure, offering exceptional value. The previous tenant was well-known local New Zealand clothing brand Cotton On. It also neighbours several fashionable clothing stores, including Fuschia Boutique and Eurostyle, benefiting from their concentration in the area.

 

YIJU New Zealand spoke with a commercial property professional with 16 years’ experience, who has led BAYLEYS’ national sales rankings for many years and belongs to its NZ$100,000,000 sales club, experienced New Zealand commercial sales and leasing agent Ms Liang Hong, and learned that the Rialto Centre is just across the street from Westfield’s new shopping centre development. Its prime location is close to the affluent neighbourhoods of Epsom, Remuera, Parnell and Auckland’s eastern bays, giving it an extensive catchment. As a well-known Auckland shopping complex, Rialto Retail has a strong sales record and has been popular with tenants and shoppers for many years. Its distinctive, boutique-style premium shopping experience has underpinned its commercial success, providing an ideal showcase for countless outstanding local and international brands.