Wgtn. shopping centre NZ$10 million face lift

9 June 2003

Manager of Kiwi Income Property Trust:
Kiwi Income Properties Limited

Kiwi Income Property Trust gives Wellington’s largest shopping centre NZ$10 million face lift

Kiwi Income Property Trust today announced a NZ$9.94 million refurbishment for the Wellington region’s largest shopping centre, North City, in Porirua.

Kiwi Income Property Trust, Chief Executive, Angus McNaughton, said “upgrading the 24,964 sq m shopping centre involves introducing new specialty shops on the ground level and creating a new 500-seat foodcourt.”

“The refurbishment and retail remix will give North City a fresh face and improve the ‘shopping experience’ for customers who are attracted to the centre from a wide catchment area including Wellington City and the Hutt Valley,” Mr McNaughton said.

“The design, layout and presentation of the specialty shops will offer customers the latest in fashion,” he said.

A new parent’s room will create a clean, fresh and relaxed environment to attend to the needs of little ones.

Mr McNaughton said “improving the shopping experience is a very real consideration for a regional shopping centre like North City because people are increasingly looking to integrate shopping with leisure activities.”

“The wider range of specialty shops, eateries and entertainment precincts coupled with an abundance of carparking spaces, will differentiate it from other shopping locations,” he said.

Built in 1990, North City was last refurbished in 1997. Anchor tenants at the shopping centre include Kmart, Farmers and Movieland 5.

Kiwi Income Property Trust’s website address is http://www.KIPT.co.nz.

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