The Overseas Investment Office has granted Costco Wholesale NZ Ltd, local subsidiary of giant US retailer Costco Wholesale Corp, consent to buy 2.76ha at Westgate in north-west Auckland for its first New Zealand store.
The land price is $23,270,825, but Costco said in its application it expected to spend over $100 million before opening for business.
Costco announced its intention to open a 14,000m² business at Westgate last June. It will be at the corner of Maki St & Gunton Drive, in the retail & business subdivision developed by developed by NZ Retail Property Group Ltd (Mark Gunton) since 1997. The American company bought its land from Gunton company Westgate Town Centre (2017) Ltd.
Costco runs a global membership retail warehouse business. Based in Seattle, it’s the second-biggest retailer worldwide, but is only about a quarter the size of the biggest, Walmart. It has 773 warehouses in the US, Canada & 9 other countries, including 11 properties in Australia, with the 12th on the way in Perth.
12 June 2019: Costco announces Westgate warehouse, to start consent process soon
Attribution: Overseas Investment Office decision.