KPG - Kiwi Property Group Limited

[Grimy]

IKEA moving into Sylvia Park has to be a positive step to keep drawing customers into the area.

[LaserEyeKiwi]

Yes fantastic news!

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[Rawz]

Probably take the city impact church building?

[LaserEyeKiwi]

Ok this is quite interesting - KPG actually sold the land to IKEA, and will be building a Large Format Retail center next door to IKEA as well:

KPG signs sale and purchase agreement with IKEA

2/12/2021, 11:11 am

Kiwi Property has reached a conditional agreement with IKEA to sell the retailer 3.2 hectares of land at Sylvia Park. The parcel of land is located on Te Ahoterangi Rise, immediately adjacent to the east of the shopping centre.
Kiwi Property Chief Executive Officer, Clive Mackenzie, says the agreement is an important step towards Kiwi Property’s ambition of having an IKEA presence at Sylvia Park.

“Kiwis have been eagerly awaiting the arrival of IKEA and we’re pleased to be working with them on that journey. Sylvia Park is already New Zealand’s favourite shopping centre, and we’re focused on finding innovative ways to make it even better,” says Mackenzie.

Mirja Viinanen, Chief Executive Officer and Chief Sustainability Officer for IKEA New Zealand says, “Our intention has always been for IKEA to enter the New Zealand market in a good way, which has included identifying the best locations for future stores and customer meeting points. That is why IKEA is working in partnership with Kiwi Property Group, with their proven mixed-use and retail expertise.”

Kiwi Property today also announced its intention to develop a complementary 6,430 square metre large format retail centre, directly adjacent to the land conditionally sold to IKEA, opening-up a range of exciting opportunities.

Kiwi Property Projects Director – Sylvia Park and BTR, Greg Tolley added “New Zealand’s first major build-to-rent project and the new office building at 3 Te Kehu Way are already under construction at Sylvia Park. With the addition of the proposed Large Format Retail centre, we’re continuing to take the asset from strength to strength.”

[LaserEyeKiwi]

Probably take the city impact church building?

Its on the other side (east side) and given the size of the land transferred (almost 10% of KPG’s Sylvia Park land) and with KPG building a new large project next to it - I assume it is the area I have circled in Red on the image below that is the location:

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[Waltzing]

what's the height limit on those zones. How high can they go..

[winner69]

So KPG book a profit (assumption) on sale of land ....maybe help Ikea build a store? .....don't collect any rent from Ikea ...... but benefit overtime from zillions of customers descending on cool meeting points and spending money

That's how I see it anyway

[Habits]

Potentially smart move by kpg, if IKEA were to setup in a different location it would have drawn millions of customers away from sylvia.

[Rawz]

KPG management actually deserve a lot of credit for Sylvia park and its growth. Odds on now that the Drury development will be just as good.

If only they could get rid of those pesky regional malls that have been a drag on nta

[Waltzing]

how many story's can be built in that zone.. can SP build up into the sky?