“…Ownership of many properties, including Auckland’s largest inner-city mall, could change as plans for Auckland’s underground rail loop edge closer.
The central city line could pass directly beneath the large multi-level Westfield Downtown on reclaimed land spanning Albert St, Customs St West and Queen Elizabeth II Square.
At the end of last year, Westfield valued the centre at $40.3 million and some property experts now believe negotiations between the council and Westfield could see ownership change.
The low-rise 13,964sq m mall in the waterfront block makes total annual sales of $68.1 million – and Westfield has planned to redevelop the building -
- vastly undersized for the high-rise zoning and valuable location.
Linda Trainer, general manager of Westfield NZ’s shopping centre management, would not say if the company had held discussions with the Auckland Council over selling the property so the rail project could go ahead…”
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