Swedish fashion retailer signs up to Precinct development

Revamp of Auckland's Downstown Shopping Centre under way.

NZX-listed property investor Precinct Properties [NZX: PCT] has signed up Swedish retailer H&M as a tenant for its redevelopment of the Downtown shopping centre at the foot of Auckland’s Queen St.

The development, to be called Commercial Bay, is a $681 million project including a new 39-level office tower and a 100-shop retail centre in a laneway environment.

The site is adjacent to the Zurich and HSBC buildings, also owned by Precinct. Fletcher Building is contracted to carry out the work.

Commercial Bay is expected to open in October 2018, with the new tower, to be named the PwC building, due for completion by mid-2019.

Construction for the City Rail Link, which will run under the property from the Britomart station, also began last week.

Precinct chief executive Scott Pritchard says the company is excited that H&M has chosen the Commercial Bay development for its flagship store, which “puts Commercial Bay firmly on the fashion map of Auckland.”

H&M reported sales of 180.9 billion Swedish krone ($32 billion) in the year to November and net profit of SEK20.9 billion ($3.7 billion).

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