Ikea's Sylvia Park store

PHOTO: The layout for New Zealand’s first Ikea at Sylvia Park. Photo / Kiwi Property

According to NEWSTALK ZB  Kiwi Property Group, with $3.6 billion of real estate, has released the first image of how Ikea’s inaugural New Zealand store will look at its Sylvia Park centre, Mt Wellington.

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Kiwi has also announced it pushed up bottom-line profit 14 per cent partly because of big property revenue rises from an expanded Auckland shopping centre and revaluation boosts.

One of the largest listed landlords, it has reported a strong performance, announcing it has pushed up last year’s $196.5 million net profit after tax to $224.3m for the March 31 years.

Its big real estate portfolio rose in value $99.8m last year but $120.5m this year.

Property revenue rose from $232.5m to $245.1m and the company said that was assisted by the Sylvia Park level 1 expansion, adding an extra floor on to its Mt Wellington mall which is New Zealand’s largest shopping centre by car parks and floor area.

Pre-tax profit rose strongly from $222.4m to $260.7m.

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The company also cited its deal with Ikea which plans to open beside Sylvia Park on land the Swedish business is buying.

Kiwi said it had struck the deal with the European giant to sell it 3.2ha of land on Te Ahoterangi Rise, east of the existing Sylvia Park shopping centre.

Ikea’s site is directly opposite the back of Farmers, beside The Warehouse, but on the other side of the train tracks from the existing Sylvia Park centre.

A new image in the investor presentation showed a huge blue store on the Mt Wellington site, with a car park and landscaping out the front. The Ikea sale was listed under “intensifying mixed-use assets: transforming Sylvia Park”.

There, Kiwi was referring to changing uses at the centre with new offices as well as hundreds of apartments in what is now flat asphalted car parking areas around the perimeter of the mall.

Kiwi’s big Sylvia Park plans, with State Highway 1 to the right. Photo / supplied 

The intention is to build on that flat land, creating long-term assets which earn constant income streams, moving those car parks into existing new buildings when they rise.

Kiwi indicated it was looking forward to Ikea’s arrival.