Pakuranga Plaza owner GYP Properties Pte Ltd said at the weekend release of revised proposed plans for the Auckland-Manukau eastern transport initiative (Ameti) eastern busway means the company can finalise its own designs for redevelopment of the Plaza & its 4ha site.
Image above: Pakuranga Plaza when Westfield owned it.
GYP Properties, a subsidiary of Singaporean listed company Global Yellow Pages Ltd, bought Pakuranga Plaza, which sits at the junction of Pakuranga & Reeves Rds & Ti Rakau Drive, from Ladstone Holdings Ltd for $96 million in October 2014.
The listed company’s shareholders approved the diversification of the company’s core business to property investment, development & management in May 2015.
Mr Tan said: “We have been working on the Plaza redevelopment since we acquired the property, but until we had the final alignments with roading, and the bus interchange location & access points were locked down, it has not been possible to conclude our own designs.
“Masterplans incorporating significant residential & retail buildings together with commercial, accommodation & entertainment activities will be further developed over the coming months. They will be released once the resource consent process, currently anticipated to be sometime in 2019, is underway. However, we are pleased to confirm our 3 anchor tenants.”
Mr Tan said Countdown had confirmed, Farmers had renewed its leases and The
Warehouse tenure runs through to 2035.
“We look forward to participating in this transformation project from Plaza to town centre, and on delivering quality housing options with modern retail facilities that focus on services, entertainment and food & beverage, with strong linkages to community amenities.”
He said GYP Properties would engage with key stakeholder groups & the Howick Local Board over the next few months while its plans evolve.
2 October 2015: 15-year plan to transform Pakuranga Plaza takes shape
17 October 2014: Stanley Tan buys Pakuranga Plaza
Attribution: Company release.