Auckland (The NZ Today)
One of Auckland’s biggest shopping destinations, Botany Town Centre, has been put on the market in a deal that could become the largest single-asset retail transaction ever recorded in New Zealand.
The East Auckland shopping centre is being marketed to local and international investors, with real estate agencies Colliers and JLL appointed to manage the sale process. Expressions of interest are set to close on 14 October.
While no official sale price has been released, property experts estimate the centre could attract offers of around $450 million, making it one of the most significant retail property deals in the country’s history.
Colliers capital markets director Richard Kirke said Botany Town Centre was considered one of New Zealand’s strongest retail assets and was expected to attract interest from major institutional investors, including overseas buyers.
The shopping centre, located about 18.5km southeast of Auckland’s CBD, covers around 60,825 square metres and is currently ranked as New Zealand’s fourth-largest shopping centre.
It houses around 200 retail outlets, including major anchor tenants such as Farmers, New World and Hoyts, along with well-known brands including H&M, JB Hi-Fi, Chemist Warehouse and Mecca.
Botany Town Centre first opened in 2001 and underwent a major $78 million redevelopment in 2019, further expanding its retail offering.
The property sits on a 17.3-hectare freehold site, with real estate experts highlighting potential for future development, including possible residential and mixed-use projects, subject to planning approvals.
The centre’s location and future transport improvements are expected to be key factors attracting buyers. The upcoming completion of Auckland’s Eastern Busway, which will connect Botany with Panmure, is expected to improve access and strengthen the area’s appeal.
The wider Botany retail catchment serves around 500,000 people, with population growth forecast to continue at a pace above the national average.
The sale comes as investor interest in New Zealand retail property continues to grow, with recent transactions involving other Auckland shopping centres attracting attention from Australian and international buyers.
According to 1News, agents involved in the sale believe the Botany Town Centre transaction could set a new benchmark for a single retail asset deal in New Zealand.
Source: 1News.
