By Chris Hutching
Friday 3rd September 2004 |
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The deal came together last year after Westfield abandoned plans for another super mall in Nuffield St during talks to cooperate over the 277 centre redevelopment.
Newmarket residents were dismayed at the original scale of the proposed developments but Auckland City Council's regulatory and fixtures sub-committee gave approval "under stringent conditions that will make certain there will be no adverse effect on the surrounding area."
The rezoning has lifted the value of the properties and now Auckland One is selling its share for $121.2 million to Westfield and St Lukes Group (part of Westfield).
Auckland One is a company associated with Denis Chen Chiu Kao and May Jen Chiang Lio Sun, known as Denis and May Jen. In recent years they built up a land bank of prime inner city Auckland properties including the 277 Shopping Centre.
Westfield proposes to continue the 277 development using the original development plans proposed by St Lukes and Auckland One.
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